Naked Wines full year performance driven by repeat customer sales and strong retention
Naked Wines has seen its full year group sales increase by 5% on a constant currency basis as improvements to its customer experience and product range paid off.
In a trading update, the company said sales climbed by 77% at constant currency in the year to 28 March compared to two years ago, prior to the impact of the pandemic.
Shawn Tabak, Naked Wines chief financial officer, said: “We delivered full year results in-line with our expectations highlighted by strong execution, expense control and positive EBIT. Our balance sheet remains sound; after a year of building back our inventory levels globally, we ended our fiscal year with cash of approximately £40 million.”
Meanwhile, the company’s sales retention was 80% versus its mid-70s guidance and repeat customer sales increased by 13% year-on-year on a constant currency basis.
Nick Devlin, Naked Wines chief executive, added: “I am especially pleased to see the improvements to our customer experience and product range reflected in sustained retention rates above our expectations. I look forward to further outlining our plans for long-term growth at our full year results presentation in June,”
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