THG hails 'standout' Beauty performance as Q1 revenues rise
By Michele Maatouk
Date: Tuesday 23 Apr 2024
(Sharecast News) - THG posted a jump in first-quarter revenue on Tuesday as it hailed a "standout" performance in the beauty business.
Group revenue rose 4.5% to £455.4m, with revenue from THG Beauty up 11.1% at £267.6m. This followed targeted changes to geographic strategy through the year, as the company focused on more profitable customers and territories closest to its global distribution hubs.
Revenue from THG Ingenuity was up 5.9% at £37m, but revenue from the nutrition segment fell 5.8% to £150.8m.
THG said "notable strong momentum" in the beauty arm offset continuing currency headwinds and previously announced rebrand transition in the nutrition business.
Chief executive Matthew Moulding said: "Following the group's return to revenue growth in Q4 2023, it's pleasing to report an acceleration in Q1, which is testament to the hard work and dedication of our people, who've remained focused on the task in hand despite the tough macro-economic backdrop.
"The Q1 performance of our largest business THG Beauty, is especially encouraging. The operating model changes made throughout 2023, including focusing on more profitable territories and customers, temporarily impacted growth for much of last year, however, since Q4, we are seeing tangible benefits from these actions. This is reflected in THG Beauty's loyalty membership reaching 2.3m people at the end of Q1, less than two years after launch."
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