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Naked Wines Reaps Benefits Of Pandemic-Driven Deliveries Boom

Published on Aug 6 2020 9:58 AM in Technology tagged: Trending Posts / E-Commerce / UK / Wine / Naked Wines / Online

Naked Wines Reaps Benefits Of Pandemic-Driven Deliveries Boom

Online wine seller Naked Wines said that it expects total sales in July to rise 73% from a year earlier and that it has seen continued strong rates of new customer growth.

The London-listed company, which has taken a huge boost from British households ordering in wine during coronavirus lockdowns, said it expects 40% growth in total sales this year under its central performance scenario.

Shares in the company were up 2.9% at 432 pence by 0723 GMT.

Inflection Point

""I'm pleased to report continued strong rates of new customer growth and particularly strong repeat trading momentum as we see evidence of new customers recruited during the Covid-19 pandemic converting to repeat customers," chief executive Nick Devlin said.

"I'm especially grateful for the incredible work of our teams around the world who have enabled us to deliver this step change in performance under challenging operating conditions."

Devlin added the new customers it has added during the pandemic were turning into repeat customers along with a strong repeat trading momentum.

"If indeed, as we believe, structural barriers to online wine retailing are breaking down in the U.S., it would bode very well for long term value creation," Liberum analyst Wayne Brown said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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