Naked Wines’ revenue up 81% during lockdown

Naked Wines H1 revenue up 80%
Naked Wines CEO: "“Ultimately the most significant impact of COVID-19 on Naked Wines is not found in these interim results, but in the way it has accelerated the growth of the online wine category."
// Revenue soars for Naked Wines after lockdown takes hold
// Retailer achieves £8.2m in profit for FY to March 2020
// James Crawford appointed managing director of Naked Wines’ UK business

Online wine specialist Naked Wines on Wednesday revealed revenue was up 81 per cent for April and May, making up the first two months of its fiscal year for 2021.

Profit after tax rose to £8.2 million in the full year to March 30, after a loss of £9.4 million for the same time a year before.

READ MORE: Coronavirus: Naked Wines forecasts £200m sales rise

In the 2020 fiscal year, revenue increased 13.7 per cent to £202.9 million.

Meanwhile losses before tax also narrowed to £5.4 million from almost £10 million in 2019.

Last August Naked Wines sold its Majestic Wine and Les Celliers de Calais businesses in a £95 million deal.

When the sale was completed in December 2019, Naked Wines became an entirely online business.

“I’m delighted to report a strong set of results to conclude a year of transition for Naked Wines,” said chief executive Nick Devlin.

“We are ending the year with great momentum behind our growth plans and a simplified, well-capitalised online pureplay model that is ideally suited to the current climate.

“I believe the enduring impact of Covid-19 will be to accelerate trends towards direct, online models in categories like wine and that Naked is well positioned to deliver the combination of quality, value and community customers are looking for,” Devlin added.

Naked Wines also announced that current chief financial officer of Naked Wines James Crawford has been appointed managing director of its UK business.

Crawford will step down from the board upon identification of his successor.

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