THG has delivered its strongest quarterly sales performance since 2021, with third-quarter revenue rising 6.3% as both its beauty and nutrition divisions returned to growth.
Shares in the group rose by more than 5% in early trading on Tuesday as investors cheered signs of a revival.
When THG released interim results in September, CEO Matthew Moulding said he was “really pleased at how THG has gained momentum throughout the first half and into Q3”. And this momentum was confirmed today.
The Manchester-based company reported Q3 2025 revenue of £405.2 million, marking a welcome turnaround that brought the group back into positive year-to-date territory.
THG Nutrition was the standout performer, posting 10.0% year-on-year growth to reach £147.0 million in Q3 – its highest growth rate in over two years. The division has been buoyed by selective pricing strategies and rapid expansion in social commerce and marketplace channels, which surged more than 91% year-on-year.
Customer loyalty improved, with subscriptions jumping 50% compared to the first half of 2025. The Myprotein brand continued its global retail expansion, launching across 2,500 CVS stores in the US and securing partnerships, including a strategic tie-up with Everlast Gyms to open approximately 60 in-gym Myprotein Kitchens across the UK and Ireland.
THG Beauty recorded 4.2% growth in Q3 to £258.2 million – its strongest performance since early 2024. The division is on track for record advent calendar sales this year, whilst UK retail showed particular strength with Lookfantastic achieving double-digit revenue growth. Advent calendar sales have traditionally been one of the biggest drivers of growth.
US retail performance is improving, driven by luxury skincare and devices, with subscription revenue up 22% year-on-year, supporting enhanced customer lifetime value.
The board maintained its full-year guidance, with Q3’s 6.3% growth positioning the group favourably against its H2 targets of 3.9% to 5.9%. THG noted it is entering its most profitable and cash-generative period.
“I am pleased to report a solid Q3 performance, with a return to growth across both THG Beauty and THG Nutrition,” said Matthew Moulding, CEO of THG.
“In THG Beauty, our focus on commercial discipline and elevating the brand proposition has driven a return to revenue growth, supported by a strong advent launch.
“Within THG Nutrition, we remain on track with our focus on expanding Myprotein’s D2C market share, alongside accelerating our global offline presence through retail and brand partnerships. A number of exciting new partnerships are set to be announced soon, helping us to further build on this year’s positive momentum.
“Our progress is a direct result of the strategic initiatives and operational change we have implemented, and we are well positioned for the key trading period ahead.”