Naked Wines boosted by full year sales growth
Naked Wines has posted a strong sales uplift in the year to 28 March after it invested in growing its customer base.
The retailer saw its full year sales increase by 5% on a constant currency basis to £350.3 million and by 78% compared to two years ago,
Meanwhile, adjusted EBIT came in at £2 million versus a loss of £1.5 million in the prior year.
The company said it benefited from repeat customer sales retention of 80% and 9% growth in subscription customers in the period .
Nick Devlin, group chief executive, said: ” Naked Wines started from the simple idea that there was a better alternative to the traditional wine industry model, and that by connecting wine drinkers directly to world-class independent winemakers you could deliver a win for both winemakers and drinkers.
“Our unique model offers a win for both winemakers and consumers and generates attractive and well-proven unit economics. In the past year we moderated investment responsibly as we navigated inflationary challenges. In that context, I’m pleased with the substantial growth in sales to repeat members supported by sales retention above our expectations for the year at 80% and our ability to deliver profitability.”
Naked Wines has also announced that Deirdre Runnette and Melanie Allen have joined its board as non-executive directors.
Runnette pursued a corporate law career before joining Zulily in 2012 as general counsel. She currently holds a general counsel and chief people officer role at Flexe, a late-stage venture capital-backed tech company.
Meanwhile, Allen has worked for the last five years as chief marketing officer at Brooks Running and prior to that worked with Proctor & Gamble and Starbucks.
Darryl Rawlings, Naked Wines chairman, said: “I would like to welcome Deirdre and Melanie to the Naked board as we continue to look toward capturing a $25 billion global total addressable market. Their unique experiences will bring additional strategic breadth to a company that has a tremendous offering for winemakers and for consumers, and is poised for growth.”
In other board changes, Katrina Cliffe has informed the company of her intention to step down on 31 July 2022. In addition, David Stead has indicated that he will also be stepping down at a date to be determined.
