THG sees record sales of over £2.1bn despite turbulent few months

THG has posted record sales of £2.18 billion for the fourth quarter to 31 December, despite a turbulent few months which has seen its share price fall dramatically following an investor exodus.

Sales were up 92% on a two-year basis and up 91% for the full year.

“The early part of 2022 is expected to be a more challenging comparable period,” THG said in a statement.

However, the company expects sales 2022 to increase between 22% and 25%, despite lockdowns and rising commodity prices.

The group’s strongest category was Beauty, with it seeing six orders per second during its peak period.

Beauty was the etailer’s strongest category and THG received six orders per second during peak.

THG chief executive Matthew Moulding added: “We are delighted to report significant growth across all divisions during the peak trading period and to have delivered record annual sales of £2.2 billion.

“The operational resilience and performance of our Ingenuity infrastructure was a highlight, dispatching over one million units per day at peak periods.

READ MORE: THG wants to prove to FCA that stockbrokers conspired to push its share price down

“The investment we have made in automation in the UK delivered year-on-year efficiencies, and we are on track to launch our first AutoStore facility in the US during Q2 2022, supplementing the six warehouses added to the network across three continents during 2021.

“Last year marked our first full year as a public company. Despite challenging conditions, we have scaled revenue and expanded our business model, particularly THG Ingenuity, well ahead of expectations given at our IPO 16 months ago.

“At the same time, we welcomed 3,000 new employees across the world to the group, the majority of whom are within the UK, and completed many transformational projects including the opening of our 1 million sq ft UK technology campus.

“The new year has started well, and we remain confident in delivering our strategic growth plans during 2022 and beyond.”

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