Virgin Wines reports strong Christmas trading
Virgin Wines UK has posted a 5% year-on-year uplift in revenue during its busy Christmas trading period.
In the seven weeks to 26 December, the online wine retailer saw its customer base return to growth with a 40% increase in numbers.
Subscribe to TRBThe company said its growth strategy has been gaining momentum with revenue in the six months to 2 January rising by 2% year-on-year to £34.7 million.
Revenue generated through Virgin Wines commercial partnerships and corporate gifting came in ahead of expectations at the half year, with the Moonpig partnership continuing to deliver double digit growth.
Meanwhile Warehouse Wines saw its revenue increase by 92%.
Jay Wright, chief executive of Virgin Wines, said: “We are delighted to report a positive first-half performance in which we have delivered meaningful market share gains enabled by our growth strategy.
“It was particularly encouraging to see 5% year-on-year growth over the key Christmas trading period, driven by a 40% increase in customer acquisition, the continued growth of our Commercial channel and a 92% increase in revenue year-on-year from our Warehouse Wines brand.
“With a strong balance sheet, agile sourcing model, a loyal customer base, and the imminent launch of our mobile app which we believe will drive further customer engagement, we remain confident in a full-year performance in-line with our growth expectations.”
