Naked Wines trades strongly, sales up in July
By Iain Gilbert
Date: Thursday 06 Aug 2020
(Sharecast News) - Online wine retailer Naked Wines said on Thursday that it had continued to trade strongly, with total July sales projected to be up 73% year-on-year.
Naked Wines said it had now delivered sales growth of around 76% for the first four months of its trading year, driven by a 185% increase in new customer sales and 115% growth in the number of new customers.
Repeat customer sales also grew 58% and sales retention improved to 91%.
While the FTSE 250-listed firm acknowledged that "significant uncertainty" remained for the remainder of the year due to the ongoing response to the Covid-19 pandemic and resultant macro-economic challenges, it was assuming total sales growth for the year of around 40%.
Chief executive Nick Devlin said: "The evidence we are seeing across our markets is consistent with our view that Covid-19 has served as an inflexion point for the online wine market, with Naked uniquely placed to benefit from that.
"We have the balance sheet strength and operational agility to enable Naked to continue to focus on ways to accelerate growth and take advantage of the opportunities presented by the new and evolving consumer landscape."
As of 1000 BST, Naked Wines shares were up 0.48% at 422.0p.
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