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Naked Wines sees sales boost fuelled by US business
StockMarketWire.com
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Naked Wines has seen group sales growth of approximately 68%, exceeding the upper-end guidance.
Its US business grew 75%, surpassing £150 million of sales, and now represents approximately 45% of group sales.
The increase in sales was driven by a significant increase in demand for its direct-to-consumer wine subscription model, and from an accelerated shift in consumer behaviour toward online wine purchases due to the COVID-19 pandemic.
Nick Devlin, Naked Wines' CEO, said: 'Our significant growth is a testament to the customer demand for a disruptive online wine model that offers direct connection to the world's top winemakers. We end this year not just as a bigger business, but a better one, benefitting from scale economies that have reinforced our competitive position and enhanced our appeal to both customers and top winemaking talent.
'Whilst in some ways 2021 is as difficult to predict as 2020, I believe we have seen an enduring shift of demand online across multiple categories. Ultimately whilst COVID has driven the trial of many online models, the long-term winners will be the businesses that offer customers a genuinely differentiated offer: I firmly believe Naked will be one of those long-term winners.'
At 9:22am: (LON:WINE) Naked Wines PLC share price was 0p at 455.5p
Story provided by StockMarketWire.com
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