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Naked Wines gives Covid-19 trading update

Naked Wines has reported an increase in demand for its products from both new and existing customers since the Covid-19 related restrictions on social gatherings began…. View Article

FOOD & DRINK

Naked Wines gives Covid-19 trading update

Naked Wines has reported an increase in demand for its products from both new and existing customers since the Covid-19 related restrictions on social gatherings began.

As a result, it anticipates that its full year revenue will reach in excess of £200 million, which is slightly ahead of current consensus.

While the company said it is too early to provide detailed updated guidance due to the crisis, it believes that it is well placed to respond to growing demand for online delivery in all of its markets.

Nick Devlin, Naked Wines group chief executive, said: “I am deeply proud of the way our teams have responded to the challenge of adapting to a new way of working in light of Covid-19 and their commitment to serving our customers. To the extent it’s safe to do so we are working hard to continue to connect wine drinkers with world class independent winemakers and bring a moment of normality and enjoyment into their homes without necessitating a visit to a store.”

Looking at its US market, the company said the crisis could serve as an inflection point for the growth of online shopping in the country and that it would be well positioned when customers move online.

Devlin added: “Over the medium-term, Covid-19 and its economic impact clearly creates uncertainty. However, Naked, with its advantaged consumer proposition and strong balance sheet is well placed to meet the challenges of a changing consumer environment.”

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