The Hut Group posts surge in fourth quarter sales
Health and beauty specialist The Hut Group saw its group sales rise by 51% to £558.7 million in the three months to 31 December after it benefited from the addition of over 3.5 million new active customers.
The company also saw an increase in its number of app users, which grew to 2.6 million by the period end from less than 0.1 million at the end of 2019.
The group has now raised its full year forecast for the third time since its September IPO.
Matthew Moulding, The Hut Group executive chairman and chief executive, said: “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. We have also started reinvesting capital raised at IPO, including over £360 million in M&A, principally within the US beauty sector.
“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. During 2020, we have made significant progress in commercialising our Ingenuity Platform, fast becoming a major global player in taking brands direct to consumers.”
The group has also announced that it has appointed Tiffany Hall as an independent non-executive director. Hall was previously a senior independent director of Howden Joinery Group and is currently a non-executive director of B&M.
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