15th Apr 2021 10:13
(Alliance News) -Â Naked Wines PLC on Thursday said it beat its sales growth guidance for its recently ended financial year with particular strength in the US.
The online wine retailer said sales grew 68% in the financial year ended March 29, exceeding the upper end of guidance. Guidance in November was for sales growth of up to 65%.
The result was boosted by sales growth of 75% in the US, surpassing GBP150 million of sales and now representing 45% of total group sales.
As well as the US sales surge, the company also chalked its good performance up to an accelerated shift in consumer behaviour toward online wine purchases due to the pandemic.
The firm said it has an active 'Angels' base - being the number of customers who deposit funds into their 'Angel' account each month to spend on the wines on the website, placing an order in the 12 month period - of 885,000, a year-on-year increase of 50%.
"Whilst 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 whilst 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," said Chief Executive Nick Devlin.
The company added that it has a healthy balance sheet with cash to fund growth investment and stock requirements in the financial year ahead.
Shares in Naked Wines were up 2.6% at 826.00 pence in London on Thursday.
By Lucy Heming;Â [email protected]
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