Online seller Naked Wines witnesses rise in revenue

Online seller Naked Wines witnesses rise in revenue as lockdown boosts orders

LONDON (UK) – Online wine subscription company Naked Wines said on Wednesday revenue soared 81% during the first two months of financial year 2021, with customers ordering more wine during the coronavirus-led lockdown.

“We entered the new fiscal with good momentum as COVID-19 has influenced customer shopping behaviour and driven increased demand for the Naked Wines offer,” the company said.

Separately, the company, best known as the online business developed by Majestic Wine before the chain was sold last year, said its current finance chief James Crawford will leave the position to be appointed as the managing director of Naked Wines’ UK business.

Naked Wines said its profit after tax for fiscal year ended March 30 amounted to 8.2 million pounds, from a loss of 9.4 million pounds a year earlier, while revenue climbed 13.7% to touch 202.9 million pounds.

The online seller temporarily halted accepting new orders last month after an unprecedented surge in business as Britons stockpiled food and drink during the lockdown.

Grape harvests and wine production have been largely unaffected by the pandemic as winemakers are considered agricultural.

However, Naked Wines stopped short of providing a full-year outlook due to the possibility of a consumer downturn in the second half and ongoing pandemic-driven market uncertainties.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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