The Hut Group ups full-year guidance as third-quarter sales jump

The Hut Group posted a 38.6% rise in group revenue to £378m in the three months to September 30, taking the group’s year-to-date revenue to over £1bn.

The direct-to-consumer division registered a 51.3% uplift in sales to £320.2m during the period, with its beauty brands leading the way with a 45% jump in revenue to £157.5m. Sales across the business’ nutrition division increased 42.8% year on year to £145.4m.

As a result of this strong performance, the retail group has said it now expects its full-year sales to be in the range of £1.48bn to £1.52bn, representing a sales increase of as much as 33% year on year and up from previously anticipated growth of 25%.

Chief executive Matt Moulding said: “I am pleased to report a strong period of trading in our first quarterly update as a public company, including an upgrade to revenue growth guidance for 2020. I would like to thank all our colleagues for their huge contribution to date. Our strong organic revenue growth across all divisions, numerous THG Ingenuity partnership deals, and the recent acquisition of luxury skincare brand Perricone MD, demonstrates our strategic direction and progress in the period.

“Our decision to list on the London Stock Exchange provides us with a strong platform to raise the profile of both Ingenuity and our brands and further supports their strong organic growth. Our acquisition strategy remains unchanged, with a focus to complement organic growth with brand IP and Ingenuity infrastructure additions.”

The Hut Group has also made three appointments across its audit and risk and sustainability committees and plans to appoint a further independent non-executive director within 12 months of its listing last month.