The Hut Group (THG) has raised its revenue forecast for the full year after reporting a strong rise in third-quarter sales, its first results since its listing on the London Stock Exchange.
The health & beauty retailer said overall sales for the three months to 30 September jumped up 38.6% year-on-year to £378.1m. THG said it was helped by growth in new customers as well as repeat purchase rates, as well as a 51.3% jump in online growth to £320.2m. The Ingenuity technology division also performed strongly, with revenue soaring 171.4% to £5.1m.
Matthew Moulding, group CEO and Executive Chairman, said: “Our strong organic revenue growth across all divisions, numerous THG Ingenuity partnership deals, and the recent acquisition of luxury skincare brand Perricone MD, demonstrates our strategic direction and progress in the period.
“Our decision to list on the London Stock Exchange provides us with a strong platform to raise the profile of both Ingenuity and our Brands, and further supports their strong organic growth. Our acquisition strategy remains unchanged, with a focus to complement organic growth with brand IP and Ingenuity infrastructure additions.”
THG now expects full-year revenue of £1.48bn-£1.52bn, from its previous forecast of £1.43bn.
Moulding added: “THG has a very strong balance sheet, enabling us to further invest across each of our growth pillars. THG’s core competencies leave it exceptionally well placed and we are witnessing increased opportunities, in scale and volume, for selective acquisitions across all our divisions and geographies.”
NAM Implications:
- Being public helps The Hut Group to optimise their sales potential.
- …and Q3 results will add to the momentum..
- Worth checking how your overall online and Hut sales compared in the same period.
- …and aiming at your fair share of investment & return.
