Home Business News Naked Wines shares plummet as they downgrade revenue expectations by millions

Naked Wines shares plummet as they downgrade revenue expectations by millions

by LLB Finance Reporter
18th Nov 21 3:00 pm

Naked Wines shares plummeted in early trading as a result of supply chain issues which affected the availability of their stock.

The company had expected sales of between £355m and £370m, but was forced to downgrade this between £340m and £355m.

Naked Wine told shareholders, “Despite operational action to mitigate impacts, wine availability and delivery measures were below our targets for substantial parts of the period, impacting customer experience and new customer growth.”

Nick Devlin, group chief executive, said that they are now “well stocked and prepared for what we anticipate to be a record holiday season.”

Devlin added, “I’m delighted by the progress we have made so far this year in further strengthening our winemaker line-up and customer proposition.

“We are now serving a global community of 947,000 members – an increase of 25% over the last year – reflecting sustained consumer desire for an alternative to traditional wine distribution.

“We are focused on delivering an incredible experience for our members and on continuing to invest to grow Naked Wines and connect more wine drinkers to the world’s best independent winemakers.”

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