Toasting to success: Naked Wines sees lifted sales as loyal customers return to purchase drinks

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Naked Wines has said its chief executive will step down after just three years in the role because a decision to hold two different roles in the UK and the US has led to losses at the firm.
In a letter to shareholders, the chairman of Naked Wines apologised after the online booze supplier reported disappointing full year results.

Online wine seller Naked Wines has raised a glass to results in-line with expectations after crediting high levels of returning customers. 

In an update for the fiscal year ended 28 March, the Norwich-based retailer said performance was in-line with expectations.

Trading was driven by repeat customer sales, strong retention and demand from existing members, the firm said.

Naked Wines’ chief financial officer, Shawn Tabak, 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 £40m.”

The company delivered growth following a “step change in scale” in the 2021 financial year, and was “well positioned to take advantage of our long-term growth opportunity in the USA,” Tabak added.

Group sales increased five per cent year on year on a constant currency basis with an 80 per cent sales retention.