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Naked Wines Posts 5% Sales Growth In FY 2021

Naked Wines Plc has reported 5% year-on-year sales growth in its financial year 2021 ended 28 March 2022.

The company added that its performance was in-line with expectations and was driven by repeat customer sales, strong retention and demand from existing members

On a two-year basis, group sales increased 77%, the company said in a trading update.

Adjusted EBIT for the financial year remained in the low-single digits.

'Retention Rates'

Nick Devlin, Naked Wines CEO, said, "Our results reflect the hard work and high-quality execution of our teams around the globe, and I am especially pleased to see the improvements to our customer experience and product range reflected in sustained retention rates above our expectations."

The company added that repeat customer sales increased 13% year-on-year on a constant currency basis.

Naked Wines will announce full-year results for the 52 weeks ended 28 March 2022 in June.

Shawn Tabak, chief financial officer of Naked Wines, 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 £40 million (€48.1 million).

"Overall I'm pleased that Naked delivered growth following our step-change in scale in FY21, and we are well-positioned to take advantage of our long-term growth opportunity in the USA."

Read More: Naked Wines Set To Capitalise On 'Permanent Channel Shift' In Wine, Says Analyst

© 2022 European Supermarket Magazine – your source for the latest drinks news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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