Naked Wines Delivers 'Strong Performance' In Full Year
Naked Wines saw strong performance across all three geographies, particularly the US, in its financial year ended 29 March 2021, the company said in a trading update.
Its performance was driven by a significant increase in demand for its direct-to-consumer wine subscription model and an accelerated shift in consumer behaviour toward online wine purchases due to the COVID-19 pandemic.
Nick Devlin, chief executive officer, commented, "While in some ways 2021 is as difficult to predict as 2020, I believe we have seen an enduring shift of demand online across multiple categories.
"Ultimately, while 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.
Sales across the group grew by approximately 68%, exceeding the upper-end of guidance issued by the company in November 2020, ranging between 55-65%
The US division saw sales grow by 75%, amounting to more than £150 million and approximately 45% of the total group sales.
Devlin said, "Our significant growth is a testament to the customer demand for a disruptive online wine model that offers a direct connection to the world's top winemakers.
"I'd like to thank all our colleagues for their continued dedication throughout a challenging year. We end this year not just as a bigger business, but a better one, benefitting from scale economies that have reinforced our competitive position and enhanced our appeal to both customers and top winemaking talent."
The company is committed to strengthening its proposition further and has identified multiple areas of investment to enhance its customer and wine proposition in the year ahead.
Devlin added, "The past twelve months have been exceptionally challenging for winemakers the world over, and I'm delighted we have been able to use our platform to support over 235 extremely talented independent winemakers not just to survive but grow with us.
"More than ever I'm excited to work creating a unique platform that connects some of the world's best winemakers directly with a passionate community of wine drinkers."
Naked Wines will announce full-year results on 11 June 2021.