Online beauty and wellbeing retailer The Hut Group (THG) has reported strong full-year results for 2018, posting surges in both sales and profits.
Group sales at the Manchester-based company increased 24 percent for the year ending 31 December to 916 million pounds, compared to 736 million pounds in 2017. THG said international sales accounted for 66 percent of group revenues, while 59 percent of group sales came from its in-house brands.
The company’s gross profits jumped 31 percent to 417 million pounds compared to 318 million pounds the year before, while EBITDA also jumped 31 percent to 91 million pounds compared to 69 million pounds the previous year.
THG, whose portfolio includes fashion brands MyBag, Coggles, and All Sole, as well as online beauty destination Lookfantastic.com, currently operates 178 localised websites, retailing to customers in 169 countries.
Commenting on the results in a statement, chief executive Matthew Moulding, said: “This has been another landmark year for THG. Our strategic investments to develop our technology, infrastructure, brands and people, have delivered exceptional global growth with 66 percent of our sales achieved internationally.
“THG’s investments during 2018 have been followed by further investments to date in 2019, resulting in over 850 million pounds (1.1 billion US dollars) of investment across beauty, technology and infrastructure since 2016 and the vote on Brexit. This scale of investment propels THG’s proposition across global markets, deepening our strategic advantage and enabling us to digitalise brands at scale.”
Photo credit: The Hut Group