The Hut Group reports revenue growth of 51%

Glossybox

The Hut Group has reported a higher rise in its Christmas sales than previously forecast, and has upped its full-year expectations accordingly.

THG has reported year-on-year revenue growth in Q4 of 51%, taking revenues to £558.7 million for the three months up to 31 December 2020.

Previous guidance on overall group sales growth during the Christmas period of was expected to be between 40%-45%.

Its beauty division saw sales rise 66.2% to £298 million, expecting to now see full-year sales growth of in beauty between 30%-35%.

The group also confirmed the addition of over 3.5 million new active customers during Q4 2020 alone, with over 10.7 million added during the full year.

Matthew Moulding, THG’s Chairman and CEO, said: “I am pleased to report another strong performance through the fourth quarter of 2020, during what has been a transformational year for THG. Due to the focus and dedication of our rapidly growing global workforce we have delivered some significant milestones in 2020.

Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the group, underpinned by record new customer numbers.

“Furthermore, we have also invested significantly in our people, creating 3,000 new jobs during 2020, largely within the UK, but also across our international operations. Each of these milestones further underpin THG’s strategic growth pillars outlined at IPO, giving management significant confidence when looking ahead to 2021 and beyond, and driving the increase in our guidance for the year ahead.”

THG operates brands across DTC fashion, health and beauty, including Coggles, Gloggybox and Lookfantastic.

THG also announced the appointment of Tiffany Hall as an Independent Non-Executive Director with effect from 12 January 2021. On appointment, Tiffany will become a member of the Group’s Remuneration Committee.

Hall brings significant experience from her previous role as Senior Independent Director and Chair of the Remuneration Committee at Howden Joinery Group, and her current role as Non-Executive Director and Chair of the Remuneration Committee at B&M.