The Hut Group swings to full year loss
Health and beauty retailer The Hut Group has swung to a full year operating loss despite a sharp increase in revenue.
In the year to 31 December, the retailer made an operating loss of £481.8 million after mainly one-off costs relating to its IPO and Covid-19 were factored in.
However, revenues soared by 41.5% to £1.6 billion as it benefited from the continued shift by consumers to online shopping.
Meanwhile, adjusted EBITDA rose by 35.2% to £150.8 million.
During the period, the group attracted 10.7 million new customers and saw a 39% uplift in the number of beauty box subscribers.
Giving an update on more current trading, The Hut Group said it had made a good start to the new financial year with revenue growth of 58.2% in its first quarter.
Matthew Moulding, The Hut Goup chief executive, said: “We approach FY21 with confidence having navigated successfully through a milestone year in the group’s history.
“Our global D2C brand building capabilities and proprietary Ingenuity technology platform has enabled us to further develop both our external brand relationships, and our expanding portfolio of beauty and nutrition own brands.
“Leveraging the platform to build an impressive client base of blue-chip consumer brands has been a highlight of the year, supported by encouraging momentum in the current year Ingenuity Commerce pipeline.”
The group has also announced that Moulding is to donate £100 million of the group’s shares to charity.
