Online wine seller Naked Wines has raised a glass to results in-line with expectations after crediting high levels of returning customers.
In an update for the fiscal year ended 28 March, the Norwich-based retailer said performance was in-line with expectations.
Trading was driven by repeat customer sales, strong retention and demand from existing members, the firm said.
Naked Wines’ chief financial officer, Shawn Tabak, said: “We delivered full year results in-line with our expectations highlighted by strong execution, expense control and positive EBIT.
“Our balance sheet remains sound; after a year of building back our inventory levels globally, we ended our fiscal year with cash of approximately £40m.”
The company delivered growth following a “step change in scale” in the 2021 financial year, and was “well positioned to take advantage of our long-term growth opportunity in the USA,” Tabak added.
Group sales increased five per cent year on year on a constant currency basis with an 80 per cent sales retention.