“In that context, I’m pleased with the substantial growth in sales to repeat members supported by sales retention above our expectations for the year at 80% and our ability to deliver profitability.' “In the past year we moderated investment responsibly as we navigated inflationary challenges,” group chief executive Nick Devlin told investors. However, with a possible recession looming and the cost of living crisis, there could be difficult times ahead. The company was one of the pandemic’s winners as many new customers signed up when pubs and bars were closed during lockdown. Naked Wine faces “inflationary challenges” Consumers then gain access to wines directly from the producers at a discounted price. Naked Wines’ proposition works by connecting customers – or ‘angels’ as it dubs them – with independent wine makers. Total sales rose 5% at constant currency rates to £350 million. The share price slump came despite the company returning to profit, posting pre-tax profits of £2.9 million following last year’s losses of £10.7 million. The wine company’s gloomy outlook statement spooked investors after chief executive Nick Devlin said that it would only achieve break-even this year due to inflationary pressures. Shares in Naked Wines collapsed by 40% on Thursday after its full-year results disappointed.

Naked wines stock