THG returns to growth in Q2 as nutrition sales rise
Nutrition’s offline strategy has achieved ‘significant’ traction over the past three years. Myprotein products are now available in over 34,000 stores across the UK, US and Japan
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Health and beauty retailer THG has reported that trading in the second quarter has been “much improved” across both Beauty and Nutrition, with the categories returning to revenue growth.
The Nutrition category is experiencing positive momentum, according to THG, with the second quarter of 2025 seeing revenue growth projected to be between 5% and 7%. This significant rise, when compared with the first quarter of 2025’s 0.1%, marks the fastest growth rate for the business since the same period in 2022.
THG has attributed this performance largely to new customer acquisition and a strong online performance.
In addition, Nutrition’s offline strategy has achieved “significant” traction over the past three years. Myprotein products are now available in over 34,000 stores across the UK, US and Japan.
During the first half of the year, new retail listings were also secured in Europe, including 900 Kruitvat stores in the Netherlands.
Meanwhile, THG’s Beauty category is expected to deliver a revenue decline of between 2% and 3%. This comes as a significant improvement quarter-on-quarter, having seen a revenue decline of 9.8% in the first quarter of this year.
Beauty retail, representing the majority of the Beauty business, demonstrated resilience with its highest growth rate in its largest market – the UK – since the first quarter of 2024, leading to market share gains.
According to THG, the revenue drag from its decision to exit lower-margin Asian and European markets will be neutralised as it annualises in the third quarter.
THG’s own brand in the Beauty category saw revenues held back in the quarter, which is said to reflect timing differences of key customer orders. The group expects these to reverse in the second half of the year.
While the group has left its FY25 guidance unchanged, THG’s direct exposure to tariffs is expected to be less than £1m per mitigating actions.
THG maintains that 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.
Return to Group revenue growth in Q2, FY 2025 guidance unchanged.
