THG has reported its strongest first-quarter revenue growth since 2021, with beauty and nutrition both delivering solid gains as the group reiterated its full-year guidance.
The group said total revenue rose seven per cent on a constant currency basis in the three months to 31 March 2026, with reported revenue up 4.6 per cent to £393.1m.
THG said the performance marked its best first-quarter growth since the Covid-era boom of 2021, driven by accelerating momentum in beauty and continued strength in nutrition.
THG Beauty revenue climbed 5.8 per cent on a constant currency basis to £233.3m, while THG Nutrition grew 8.8 per cent to £159.8m. Excluding Asia, nutrition revenue was up 12.1 per cent.
It noted that growth was modestly held back by disruption in the Middle East, which reduced first-quarter revenue growth by around 30 basis points, while disposals, discontinued activities and foreign exchange also weighed on the reported performance.
Chief executive Matthew Moulding said the business had entered 2026 with encouraging momentum after a stronger-than-expected second half last year.
He said: “It is energising for everyone at THG to see such a strong start to 2026, building on the better-than-expected momentum we delivered in H2 2025.”
In beauty, THG pointed to continued strength at Lookfantastic, which it said outperformed the UK prestige beauty market. Orders in the UK rose seven per cent, supported by growth in active customers, while US retail also delivered revenue growth and market share gains.
The group said Dermstore had benefited from a 10 per cent rise in new customers and highlighted a new partnership with healthcare payments platform Flex, allowing shoppers to use health savings and flexible spending accounts at checkout for eligible skincare purchases.
THG also said K-Beauty was a standout category in the quarter, with revenue more than doubling year on year, helped by six new brand launches so far this year. New additions including SkinCeuticals and MAC on Cult Beauty also performed ahead of expectations.
In physical retail, the new Lookfantastic store in Bristol was said to be outperforming the launch of the brand’s first flagship, helping to drive local awareness and customer acquisition.
Nutrition also delivered broad-based growth across both online and offline channels, with THG continuing to push further into higher-margin categories including activewear, creatine, hydration and collagen.
The business said this mix shift, alongside pricing and product optimisation, helped offset continued pressure from elevated whey costs.
Myprotein’s activewear arm continued to perform strongly, with annualised run-rate sales approaching £100m. THG said around 15 per cent of active customers bought activewear in the quarter, up 230 basis points year on year, while orders including activewear carried average order values around 31 per cent higher.
The group also pointed to strong progress in wholesale and licensed products, with Myprotein’s licensed range delivering more than 200 per cent growth in units sold into retail. It said its Jimmy’s Iced Coffee collaboration now accounts for around a fifth of the protein coffee sub-category in the UK.
Retail expansion remained a major focus in nutrition, with THG highlighting record market share for Myprotein in the UK sports nutrition market and a series of launches set to support growth through the rest of the year.
These include branded bays in Tesco stores nationwide, a June rollout into 1,200 Kroger stores in the US, expanded presence with GNC and Vitamin Shoppe, and new distribution partnerships in Canada and Latin America.
THG said it was maintaining its full-year guidance, supported by market share gains in key territories and continued progress in pricing and product optimisation strategies.
It added that first-quarter cash flow was the strongest it had delivered in three years, underpinning its full-year free cash flow guidance of £25m to £50m.
Moulding added: “While the geopolitical backdrop remains uncertain, we enter Q2 with confidence after a better-than-expected Q1, giving us a stronger base against any unforeseen risks later in the year.”
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