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.