The Hut Group sales up 38%
The Hut Group saw its group revenues increase by 38% on a constant currency basis to £507.8 million in its third quarter.
In the three months to 30 September, THG beauty sales were particularly strong with an uplift of 61.1% at constant currency, while sales from businesses in the nutrition category rose by 13.4%.
Following THG’s acquisition of Cult Beauty in August, the group said it has now migrated the brand to its Ingenuity platform ahead of schedule.
Matthew Moulding, THG chief executive, said: “We have delivered a strong trading performance in Q3 and enter our peak trading period with confidence. The recent successful migration of Cult Beauty onto the Ingenuity platform is testament to the resilience of the infrastructure and the expertise of our digital talent. In under 10 weeks we have seamlessly migrated Cult Beauty, whilst delivering significant website and customer user-experience improvements at the same time.”
Looking ahead, THG is expecting it full year revenue growth to come in at between 38% and 41% on a constant currency basis.
It has also announced that it has appointed Russell Reynolds Associates to undertake a search for a new independent chair.
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