THG Sales Climb on Surge in Protein Powder Demand
The online retail group reported a 6.5% increase in sales for the six months ending May 31, driven by its MyProtein brand.
Online retail group THG experienced a sales boost, with revenue rising approximately 6.5% for the six months ending May 31. This growth was primarily fueled by record demand for protein powder through its MyProtein brand.
Matthew Moulding, the chief executive of THG, which also owns brands such as CultBeauty and Look Fantastic, stated that MyProtein is reaching more consumers than ever before. He indicated plans to expand its reach further with new products, including protein water.
The nutrition segment's expansion occurred despite significant inflation in the cost of whey protein. This growth is attributed to a broader trend of increased focus on wellbeing among health-conscious consumers.
In addition to sales growth, THG's profits rose by 36% to £94 million during the same period. The company's performance highlights the strong market for sports nutrition and health-focused products.