THG posts best quarterly growth since 2021 as Nutrition sales surge
THG PLC on Tuesday reported its strongest quarterly organic sales growth since 2021, as demand in its Nutrition division surged and Beauty returned to growth.
The Manchester-based retail firm, behind brands such as Lookfantastic and Myprotein, said revenue was £405.2 million in the three months to September 30, up 2.4% from a year before, while revenue from continuing operations grew 6.3% at constant currency, making the third quarter THG’s best for organic performance since the final quarter of 2021.
THG Nutrition led growth with a 10% rise at constant currency to £147.0 million, supported by higher online and offline sales and expanding global retail partnerships.
Revenue in THG Beauty rose 4.2% to £258.2 million, driven by strong sales from the Lookfantastic platform, the launch of its advent calendar, and new brand introductions.
Chief Executive Officer Matthew Moulding said: ‘I am pleased to report a solid performance, with a return to growth across both THG Beauty and THG Nutrition. Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.’
THG said the third-quarter result positions it ‘favourably’ to achieve second-half revenue growth of between 3.9% and 5.9%, with full-year performance expected to be in line with company consensus.
Within Nutrition, THG highlighted a 50% increase in customer subscriptions since the first half of the year and strong growth in social commerce channels.
Its flagship Myprotein brand expanded distribution to 2,500 CVS stores in the US and extended partnerships with Frasers Group PLC’s Everlast Gyms to open around 60 in-gym Myprotein kitchens across the UK and Ireland. In Beauty, subscription revenue grew 22% year-on-year.
THG said disposals and discontinued operations, including the sale of its luxury beauty portfolio and Claremont Ingredients, weighed on reported growth, but these impacts have now been annualised.
THG continues to expect its most profitable and cash-generative trading period in the second half of the year, it said.
Shares in THG were up 4.8% to 39.20 pence in London on Tuesday morning.
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