Cheers! Virgin Wines is seeing sales rise despite ‘moderate’ economic conditions for shoppers
Festive drink: Virgin Wines reported total sales rose 2% to £34.3 million in the six months to December 29
Virgin Wines saw sales rise despite a ‘moderate’ economic backdrop for shoppers.
The company reported that total sales rose 2 percent to £34.3 million in the six months to December 29, compared to the same period last year.
CEO Jay Wright said the online wine retailer enters 2024 “encouraged” by its recent performance “despite a subdued consumer economic landscape.”
Wright added that the company saw a “significant improvement” in profitability after changes to warehouse operations and reductions in delivery and logistics costs.
Profits more than doubled to £1.75 million for the six months. The company posted a pre-tax loss of around £700,000 in the last financial year after being hit by cost inflation and teething problems in its new warehouse systems.
Wright said: ‘We are pleased with our performance during the first half of our financial year, particularly with our strong profitability despite the challenging trading environment.’