LONDON (ShareCast) - (Sharecast News) - Naked Wines said on Wednesday that trading remained on track following a "solid" performance over the key festive season.
Updating on trading, the AIM-listed retailer said revenues in the 13 weeks to 30 December were down 10.2%, or by 8.9% on a constant currency basis. However, that was an improvement on the 14% slide seen at the half year, also on a constant currency basis.

Revenue per member, meanwhile, was up 2% year-on-year, which Naked Wines said reflected improvements in order frequency and average order value.

Net cash also strengthened, up £26m at £30m, as it continued to better manage inventory levels.

Naked Wines, which funds production costs for winemakers, was hit hard by surging inflation and higher costs. Last year it cut jobs and brought in new chief executive Rodrigo Maza, who is focused on turning the business around.

Maza said the company remained on track to meet full-year expectations post Christmas.

"We are pleased with our performance during the important peak season, which was solid and featured improving trends and positive signals from KPIs, supported by our strategic initiatives and testing plan," he said.

"We are tracking in line with full-year expectations."

The company is due it would provide a further update on current strategy in March, at the year end.

As at 0845 GMT, shares in Naked Wines were down 2% at 44.25p.

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