THG's surging business leads the way in the UK market!
The Home Group (THG), the UK home furnishing retail group
In the first quarter of 2024 achieving strong sales growth.
The company said this was due to "excellent performance" in its beauty category, the company said.
Compared to the previous year, THG's beauty brands Cult Beauty and LookFantastic saw a 4.5% increase in revenue, with total sales continuing to grow 0.3% to £459.9 million.
THG Beauty's sales soared 11.1%, thanks to a "significantly stronger" performance in the UK.
The company praised "the strong momentum in the beauty industry offsetting the ongoing currency headwinds." Matthew Moulding, chief executive officer, said, "The beauty business had a strong quarter said, "The beauty business achieved double-digit growth in the quarter realizing double-digit growth.high quality, loyal customer baseon a more efficient cost basis delivering higher profitability on a per order basis.
The company highlighted the addition of US brand Biossance to its portfolio, adding that after early "positive" signs, it is likely to "scale up to become one of our largest own brands".
THG expects sales to continue to grow between 2% and 5% this year. Modine added: "Following a return to revenue growth in the fourth quarter of 2023, it is pleasing to see an acceleration of revenue growth in the first quarter, which is a testament to the hard work and dedication of our employees, who remain focused on the task at hand despite the tough macroeconomic environment."
"The first quarter performance of THG Beauty, our largest business, was particularly encouraging.The changes to the operating model throughout 2023, including a focus on more profitable territories and customers, temporarily impacted growth for much of last year, however, since the fourth quarter, we have seen tangible benefits from these actions. "This is reflected in THG Beauty's loyal members reaching 2.3 million at the end of the first quarter, less than two years after launch."
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