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Business

The Hut Group ups full-year guidance as Q4 revenues soar

By Huw Hughes

12 Jan 2021

The Hut Group (THG) has raised its full-year guidance for the third time since launching its IPO in September 2020 following a surge in Q4 revenues.

The British online retailer, which owns brands MyBag, Coggles, and All Sole, saw revenues soar 51 percent to 558.7 million pounds in the three months ended 31 December 2020.

The fast-growing retailer said it added over 3.5 million new active customers during Q4, bringing its total to 10.7 million new customers for the whole year.

The number of customers using its App also soared to 2.6 million by the period end, compared to less than 0.1 million at the end of 2019.

THG executive chairman and CEO Matthew Moulding said in a statement: “Following our successful listing on the London Stock Exchange in September 2020, we have accelerated our sales growth across all areas of the Group, underpinned by record new customer numbers. We have also started reinvesting capital raised at IPO, including over 360 million pounds in M&A, principally within the US beauty sector.

“Furthermore, we have also invested significantly in our people, creating 3,000 new jobs during 2020, largely within the UK, but also across our international operations. During 2020, we have made significant progress in commercialising our Ingenuity Platform, fast becoming a major global player in taking brands direct to consumers.”

Photo credit: The Hut Group