// The Hut Group expects an increase in its full-year sales forecast
// This would be the second time sales rise since its stock market listing in September
// Revenue is expected to reach £1.57 billion to £1.60 billion by the year-end
The Hut Group has said it expects an increase in its full-year sales forecast for the second time since its stock market listing in September.
The online retailer expects its sales to have benefitted from shopping events such as Black Friday and Cyber Week, particularly as shops in England were closed due to a second lockdown.
Revenue is expected to reach £1.57 billion to £1.60 billion by the year-end, up from expectations at the end of October of £1.48 billion to £1.52 billion.
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Those sales would represent a 38 to 40 per cent increase on the previous year.
The group added that new customers rushed to the platform in the fourth quarter thanks to events such as Singles Day and Black Friday.
In November, The Hut Group acquired 1.7m million new customers, over half of which joined during Cyber Week.
The Hut Group also said at the time that chief executive Matthew Moulding will receive one of the biggest payouts in UK corporate history after its share prices increased.
Moulding will receive at least £830 million in shares.
The total share awards could rise even further if the online retailer’s market value reaches £7.25 billion.
Moulding is also set to receive a base salary of £750,000 a year – a large increase from the £318,000 salary he received in 2019.
In total last year, Moulding’s company paid him £4.7 million, mostly in share awards.