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Drinks

Naked Wines Expects Sales To Top Forecast As Demand Surges

UK-based online wine seller Naked Wine said that demand has risen during the coronavirus lockdown, and it now expects to top its 2020 sales forecast.

The company said it expects revenue to be in excess of £200 million (€228 million) for the year ending March 31, higher than company compiled consensus of £198.9 million, but added that future trading dynamics remain uncertain.

"In the short term, the introduction of social distancing has accelerated the shift in consumer buying behaviour towards online," chief executive Nick Devlin said.

"In the US, especially, I believe the current period could serve as an inflection point for the growth rate of the online category, and as the largest direct to consumer player in the US market we are well positioned as customers move online."

Wine Production

The London-listed company said grape harvests and wine production have been able to continue largely unaffected by the pandemic as winemakers are considered agricultural.

It temporarily stopped taking new orders in the middle of last month after an unprecedented surge in business as Britons stockpiled food and drink.

The company said it was now operating with extended delivery times in all its markets but had adequate stock.

News by ReutersClick subscribe to sign up to ESM: European Supermarket Magazine.

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