British online retailer The Hut Group (THG) has increased its full-year outlook after reporting soaring sales for the third quarter of the year.
In the three months ended 30 September, revenue at the Manchester-based company increased 38.6 percent to 378.1 million pounds compared with the previous year.
Direct-to-consumer online revenue jumped 51.3 percent to 320.2 million pounds.
New customer acquisition at the retailer was “very strong” over the period, while repeat purchase rates continued to improve from both new and existing customers.
THG raises full-year outlook
The retailer, whose portfolio includes fashion brands MyBag, Coggles, and All Sole, recently listed on the London Stock Exchange. At IPO, the company guided to FY 2020 revenue of around 1.43 billion pounds, representing a growth rate of 25 percent.
However, the group has now increased that to 1.48 billion to 1.52 billion pounds following “strong Q3 performance and continued momentum so far in Q4”.
“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,” CEO Matthew Moulding said in a statement.
“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.”
Photo credit: The Hut Group