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THG makes “strong” third quarter progress

THG has said it delivered its best quarterly revenue performance in the last year in the three months to 30 September. Revenue declined by 4.4% to… View Article

HEALTH AND BEAUTY NEWS

THG makes “strong” third quarter progress

THG has said it delivered its best quarterly revenue performance in the last year in the three months to 30 September.

Revenue declined by 4.4% to £466.5 million in the group’s third quarter after improving each month in the period.

The owner of brands such as Look Fantastic and My Protein said it returned to constant currency growth in September with sales rising by 3.2%.

Meanwhile, each division continued to make progress against their strategies to return to sales growth and rebuild margin.

Matthew Moulding (pictured), chief executive of THG, said: “Q3 has been another strong quarter of progress across the group, with each division delivering improved performances. The pivots made within each division to ensure they thrive in a high-inflation global environment are bearing fruit.

“The momentum with which we exited Q3 was especially pleasing, with the group returning to positive constant currency revenue growth of 3.2% in September, driven by a strong performance across our beauty division.”

The results mean that THG is maintaining its full year revenue guidance of between 0% and -5%.

Looking ahead, Moulding said: “Both our operations and inventory are well positioned ahead of peak trading, with the benefits of our investment in UK and US automated fulfilment centres enhancing the customer proposition through accelerated delivery times, positively influencing customer contact rates and overall satisfaction.”

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