The Hut Group beats own forecast as online beauty sales soar

The Hut Group beats own forecast as online beauty sales soar

THE WHAT? The Hut Group has beaten its own sales forecast, with the boost in beauty sales causing the company to achieve a 51 percent sales growth, six percent over the 40-45 percent it predicted, according to The Times. 

THE DETAILS The Hut Group first increased its group guidance after listing last year, with sales then growing to £558.7 million. 

Initially forecasting a sales rise by a quarter, the company bolstered this at the beginning of December to between 40-45 percent, a figure it has now exceeded. 

Looking forward, the company predicted a 2021 growth increase of around 30-35 percent, up from the previously forecasted 20-25 percent. 

THE WHY? The UK-based online business attributed the rise in sales to gaining an additional 3.5 million customers in the three months to 31 December, 2020, with a total of 10.7 million during the full year.

The boost in customers followed retail store closures and lockdown measures during the COVID-19 pandemic, driving a shift to online shopping within the beauty industry.

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