THG returns to revenue growth in Q2 as Nutrition momentum builds

THG has reported improved trading in the second quarter of 2025, returning to group revenue growth and maintaining its full-year guidance.

The company’ beauty division narrowed its revenue decline to between 2% and 3% in Q2, a significant improvement from nearly a 10% drop in the previous quarter.

UK retail sales, which make up the bulk of the Beauty business, grew at their fastest rate since early 2024, helping the division gain market share.

THG said its exit from lower-margin Asian and European markets will fully take effect in Q3, removing a drag on future growth.

Nutrition, led by Myprotein, continued its recovery with expected Q2 revenue growth of 5% to 7%, the fastest since early 2022. THG’s offline strategy is gaining traction, with Myprotein products now available in over 34,000 stores globally, including key markets like the UK, US and Japan.

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New retail listings secured in H1 2025 include 900 stores in the Netherlands with Kruidvat, plus expansion into 7-Eleven stores in Taiwan and Singapore, Costco Taiwan, and a Decathlon store-in-store in Vietnam.

THG highlighted the rapid expansion of its US offline footprint, with retail doors expected to nearly quintuple this year, including listings at Walmart, CVS and GNC.

It expects to sell around 45 million Myprotein units through offline and licensing channels in 2025, generating approximately £170m in retail sales. The business is monitoring supply chain risks such as elevated milk and whey prices and potential US tariffs, though direct exposure remains low.

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