{"id":163192,"date":"2020-10-26T11:38:26","date_gmt":"2020-10-26T11:38:26","guid":{"rendered":"https:\/\/theindustry.beauty\/the-hut-group-raises-forecasts-after-third-quarter-sales-surge\/"},"modified":"2022-01-13T09:42:21","modified_gmt":"2022-01-13T09:42:21","slug":"the-hut-group-raises-forecasts-after-third-quarter-sales-surge","status":"publish","type":"post","link":"https:\/\/theindustry.beauty\/the-hut-group-raises-forecasts-after-third-quarter-sales-surge\/","title":{"rendered":"The Hut Group raises forecasts after third-quarter sales surge"},"content":{"rendered":"

Recently floated online retailer The Hut Group (THG) has raised its sales targets after demand surged by more than a third<\/strong> over the past three months.<\/p>\n

<\/p>\n

In its maiden update since launching on the London Stock Exchange last month, THG raised its annual revenue target to between \u00a31.48 billion and \u00a31.52 billion.\u00a0<\/strong>Last month, it told investors it expected to post revenues of \u00a31.43 billion for the year.<\/p>\n

The technology platform for health, beauty and fashion brands revealed that sales jumped 38.6% to \u00a3378.1 million for the quarter to 30 September<\/strong>, compared with the same period last year.<\/p>\n

It reported that direct-to-consumer sales jumped by 51.3%<\/strong> over the period as customers continued to flock to online platforms during the pandemic.<\/p>\n

THG hailed \u201cvery strong\u201d new customer acquisition during the period<\/strong>, as it saw more people make repeat purchases from its platforms.<\/p>\n

The group, which was valued at around \u00a35.4 billion after its stock market float, also said it has set up an advisory board to improve its operations.<\/strong><\/p>\n

The board, which will be on hand to advise on audit and risk, and sustainability committees, will include new members Damian Sanders, Adam Waller and Alan McGill.<\/p>\n

Matthew Moulding, group CEO and executive chairman, said: \u201cI am pleased to report a strong period of trading in our first quarterly update as a public company,<\/strong> including an upgrade to revenue growth guidance for 2020.<\/p>\n

\u201cI would like to thank all our colleagues for their huge contribution to date.\u201d<\/p>\n

AJ Bell investment director Russ Mould said: \u201cE-commerce firm The Hut Group begins life as a public company very much on the front foot<\/strong> as it upgrades revenue guidance in its maiden trading update.<\/p>\n

\u201cWhether this is thanks to an unexpected trading boost or just canny management of investors\u2019 expectations, it should help keep sentiment towards the company in a positive place<\/strong> after a strong start in share price terms to life as a listed entity.<\/p>\n

\u201cIn order to maintain this momentum, the firm will rely on strong demand across its health supplement and beauty product sites through the Christmas trading period<\/strong> and upcoming Black Friday sales event.\u201d<\/p>\n

Shares in the company were 11.8% higher at 745.2p after early trading on Monday.<\/p>\n

Brands in The Hut Group empire include Coggles, MyBag, ESPA, Illamasqua and Lookfantastic.<\/strong> Last week the group said it was set to create 500 more jobs this year, mostly in technology.<\/p>\n

\"Newsletter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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