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The Hut reports 30% sales increase

Ben Parfitt
The Hut reports 30% sales increase

Sales at online retail specialist The Hut Group grew by 30.4 per cent year-on-year to £145.3m for the 12 months ending December 21st 2012.

Earnings jumped 130 per cent to £10.1m.

Other highlights for the year included the successful construction of a new data warehouse that “deepens customer insight” and the launch of a new optimised single page checkout system. Also launched was a new mobile platform that improved performance of the Group’s many websites on multiple devices.

It has also been confirmed that current chairman Angus Monro has stepped down after three years in the role. Current non-executive director Richard Pennycook has been named as his replacement.

"I am pleased to report another strong set of trading results for the Group,” chief executive Matthew Moulding. “The growth in both our own branded products, as well as our rapid expansion overseas, is presenting the Group with some significant opportunities in our principal operating categories of Lifestyle and Health and Beauty.

“Our substantial and recurring investment in the Group’s proprietary operating platform is fundamental to increasing operating leverage which the Group is realising as we build scale. The platform has been a key factor in delivering the trading growth in 2012 which continues in 2013.”

New chairman Pennycook added: “2012 has been a particularly pleasing year for the Group, delivering some excellent financial results during a period of sustained high growth.

“The Group’s model is showing itself to be both scalable and disruptive, with international markets a particular opportunity. The Group remains well placed to continue its high growth across its core Lifestyle and Health and Beauty markets, especially as the channel shift towards online sales continues.”

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Tags: Retail , sales , earnings , the hut , hut group

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