Naked Wines reports +80% sales

Naked Wines (LON: WINE) has reported an 80% surge in sales for the first half of the year.

The company revealed a rise in sales from £87.5m to £157.1m as more people ordered wine home amid the restrictions.

The listed company has raised full-year sales forecast and expects full-year sales increase to be between 55 and 65% – up from previous forecasts of 40%.

Chief executive Nick Devlin said: “Naked Wines is a bigger, better business than it was twelve months ago. The last six months have been a critical period in the development of the company.”

“We have delivered exceptional growth and a permanent step change in scale and efficiency for the organisation. We have a business today that is not only larger, but structurally improved and ideally positioned to deliver sustained growth in the coming years.

“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 and increased consumer willingness to trial a new and better way to buy wine.”

“Delivering transformative growth, against a backdrop of new working conditions required by COVID-19, has required us to rapidly solve a series of operational challenges. We have done this whilst maintaining high levels of customer satisfaction and I am tremendously proud of the resilience, flexibility and capability displayed by our staff around the world,” he added.

Naked Wine shares (LON: WINE) jumped 7% in early trading and are currently -0.30% at 497,50 (1032GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.