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The Hut Group upgrades sales guidance after bumper Black Friday
StockMarketWire.com
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Online retailer The Hut Group upgraded its annual sales guidance after it enjoyed a strong showing during Black Friday, Singles Day and Cyber Week.
Full-year revenue was now seen rising between 38% and 40% year-on-year to between £1.57 billion and £1.60 billion, up from previous guidance of 30-33% growth.
The company said it had seen new customer acquisition trends further accelerate into the fourth quarter across all divisions.
New active customers in November totalled over 1.7m million, up 74%, with almost 900,000 new customers in Cyber Week alone.
'In addition, both customer retention rates and average spend per customer have seen continuing positive trends, further underpinning a very strong performance during the most important trading period of the year,' The Hut Group said.
It added that it continued to expect stable adjusted operating margins for the 2020 financial year.
It also maintained medium-term guidance of annual revenue growth of 20% to 25% and stable adjusted margins.
At 9:47am: (LON:THG) THG Holdings share price was 0p at 633p
Story provided by StockMarketWire.com
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