The Hut Group confirmed that fourth quarter sales were ahead of expectations thanks to a boost of 3.5 million new customers.
Revenue for the three months ended December 31st increased by 51% year-on-year, exceeding the expected 40-45% increase.
Group revenue for the fourth quarter was £558.7 million, up from £370.0 million last year. Revenues have been increased due to the company’s acquisition of Dermstore.com and the increased demand for beauty products, which rose 66%.
In the fourth quarter, the group added a new 3.5m customer. Over the course of the year, the Hut Group saw an increase of 10.7m.
Executive Chairman and CEO Matthew Moulding commented: The focus and dedication of the rapidly growing global workforce has provided several important milestones for 2020.
“After the successful listing on the London Stock Exchange in September 2020, it accelerated sales growth in all sectors of the group, supported by record-breaking new customer numbers. It also primarily serves as a beauty sector in the US. Within it, it began reinvesting capital raised through the IPO, including over £360 million in M&A.
Furthermore, we are also investing heavily in people, creating 3,000 new jobs in 2020, not just within the UK but also across our international operations. During 2020, we have made great strides in commercializing our ingenuity platform, rapidly becoming a leading global player who has taken brands directly to consumers.
“Each of these milestones further supports the IPO outlines the pillars of THG’s strategic growth, giving management a great deal of confidence as they look ahead to 2021 and beyond, and this year’s guidance “We have promoted an increase in,” he added.
Hut Group Shares (LON:THG) trades 2.66% higher at 811,00 (0849GMT).
