The Hut Group ups revenue guidance as quarterly sales jump 39%

Mon, 26th Oct 2020

Recently listed online beauty products retailer The Hut Group upgraded its annual revenue guidance after its third-quarter sales jumped 39%. Revenue for the three months through September increased to £378.1 million, the company said. The Hut Group lifted its annual revenue guidance forecast to between around £1.48 billion and £1.52 billion, up from its IPO guidance of around £1.43 billion. It cited the strong third-quarter performance and 'continued momentum' so far in the fourth quarter for the upgrade. 'I am pleased to report a strong period of trading in our first quarterly update as a public company, including an upgrade to revenue growth guidance for 2020,' chief executive Matthew Moulding said. The Hut Group said the fourth quarter remained an important period each year, typically accounting for about 30%-to-32% of annual revenue, with Black Friday playing a key role. Story provided by StockMarketWire.com

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