THG returns to revenue growth in September

17th Oct 2023 07:11

(Sharecast News) - Online retailer The Hut Group said on Tuesday that revenues had fallen in the third quarter but that it had returned to constant currency revenue growth in September.

For the three months ended 30 September, revenues dropped 4.4% to £466.5m, with beauty revenues also down 4.4%, nutrition revenues slipping 2.3%, ingenuity revenue falling 8.4% and inter-group elimination revenues contracting 3.9%.

However, the Hut Group said third-quarter revenues were still the best seen since the previous trading year, with its performance improving each month and leading it to constant currency revenue growth in September.

THG also reiterated its full-year revenue guidance of 0% to -5.0%.

Chief executive Matthew Moulding said: "Q3 has been another strong quarter of progress across the group, with each division delivering improved performances. The pivots made within each division to ensure they thrive in a high inflation global environment are bearing fruit."

As of 1030 BST, THG shares were up 7.81% at 72.04p.

Reporting by Iain Gilbert at Sharecast.com