Online retailer The Hut Group posted a 70 per cent year-on-year rise in group sales in 2010, according to year-end results published today.
The owner of Zavvi.com, Lookfantastic.com, Thehut.com and iwantoneofthose.com amongst others, saw sales increase from £51 million to £87 million in the 12 months to December 31st 2010.
Non-entertainment product categories (fashion, footwear, sports, health and beauty, gifting, toys and accessories) delivered 600 per cent growth during the year, whilst entertainment sales rose 45 per cent compared to 2009.
Matthew Moulding, CEO of The Hut Group, said: “The growth in our product offering over the last 12 months means we start 2011 with a strong and unique proposition.
“While we have continued to deliver substantial growth through improvements in our entertainment offering for consumers, we now have a market leading online position and offering in hair-care, health & beauty and gifting.
“Some 40 per cent of the group’s sales now come from these and other non-entertainment products.”
Six new UK based retail websites were launched during the year, Mybag.co.uk, Gifted.com, Washbag.com, Intersport.com, Sportdiscount.com and Allsole.com, along with Zavvi sites for both Spain and the Netherlands.
The group achieved its strongest ever day of trading in December with takings of £1.8 million in orders and it had its busiest day for despatching in the same month with 160,000 packets shipped in 24 hours.
With net cash of £9 million and £32.5 million of institutional equity raised from a number of retail investors, the outlook for 2011 look good for the expanding online company.
Moulding continued: “2010 has been a transformational year for the group.
“We have been fortunate in significantly strengthening both the management team and the shareholder base during 2010, providing the platform to deliver substantial growth in a demanding consumer environment.
“Our focus for 2011 is to continue to drive strong organic growth by further improving the offering to our customers while delivering improved service.”