THG PLC has reported a return to group revenue growth in the second quarter of the financial year.
In a statement ahead of its AGM, the listed retailer – which comprises the MyProtein sports nutrition brand and Lookfantastic beauty website – said trading had been much improved across both its beauty and nutrition divisions.
Its FY 2025 guidance remains unchanged.
THG Beauty is expected to deliver a revenue decline of between 2% and 3%, much improved on the Q1 decline of 9.8%.
THG said the decision to withdraw from lower-margin Asia and European territories annualises in Q3, “thereby neutralising the year-on-year revenue drag effect from that point onwards”.
Positive momentum within THG Nutrition continues to build, the firm said, with the business growing at its fastest rate since Q1 2022.
Q2 2025 revenue growth is expected to be between 5% and 7%. In Q1 it was 0.1%.
“From a largely standing start three years ago, Nutrition’s offline strategy is gaining significant traction. Myprotein products are now available in over 34,000 doors, principally within the UK, US and Japan,” it said.
“New retail listings secured in Europe in H1 2025 include 900 stores for the Dutch health and wellness specialist Kruidvat. Asia momentum continues to build with listings in 7-Eleven (>3,000 stores in Taiwan and Singapore), Costco (Taiwan) and Decathlon (Vietnam market entry through store-in-store model).
“Offline expansion across the US has been particularly pleasing with an almost 5-fold increase in doors expected during the year to c.8,400 (2024: 1,500). Notable US wins include listings in Walmart, CVS and expansion into additional GNC stores.
“Myprotein’s move into both the offline and licensing space will see c.45 million units sold via these channels during 2025 through >40,000 global doors by the end of the year, enabling Myprotein to reach millions of new customers and further amplify brand awareness. The retail sales value of offline and licensed products is expected to be around £170m for FY 2025.”
THG added that its direct exposure to trade tariffs is expected to be less than £1m pre-mitigating actions, it continues to monitor the changes to US trade policy and reciprocal actions for an adverse impact on raw material supply chains and US consumer sentiment.