Cheers: Naked Wines sales jump by 68 per cent as US business booms
Naked Wines saw group sales soar by 68 per cent in the year ended 29 March after a strong performance in US.
The online wine retailer posted stronger than expected sales, which were forecast to surge by no more than 65 per cent.
US business grew by more than 75 per cent, surpassing £150m in transactions and representing almost half of group sales.
There were also increased levels of new customers, which came in 10 per cent above guidance.
Fixed costs were in line with expectations and the firm said it had enough cash to fund operations in 2022.
Naked ‘a long-term winner’
Nick Devlin, CEO of Naked Wines, hailed the company’s digital presence as a key factor to its success.
“Our significant growth is a testament to the customer demand for an online wine model that offers direct connection to the world’s top winemakers.
“Ultimately whilst Covid has driven the trial of many online models, the long-term winners will be the businesses that offer customers a genuinely differentiated offer. I firmly believe Naked will be one of those long-term winners.”