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Naked Wines has confirmed it is currently trading in line with its 2026 financial guidance, despite a 19% drop in constant currency revenue during the 13 weeks ending 29 December 2025.
The revenue decline, which reached 21% on a reported basis, follows a deliberate strategy to recalibrate the business around its most profitable core members.
Repeat sales fell by 16% at constant currency, but the company reported that average order value rose by 5% and revenue per member increased by 1% on a constant currency basis.
The group reiterated its full-year 2026 targets, forecasting revenue between £200m and £216m and an adjusted EBITDA of £5.5m to £7.5m. The company expects to end the financial year with net cash of between £33m and £35m.
Inventory liquidation remains a key focus, with approximately $17m (£12.3m) of associated costs expected over the medium term.
The company stated that the decline in revenue remained consistent with the prior reporting period and reflected its transition toward higher-value transactions rather than volume-led growth.
Rodrigo Maza, chief executive of Naked Wines, said: “Peak season trading has been pleasing, reflecting the hard work by all our teams to deliver for customers and the focus on our unique customer proposition.
“We continue to make good progress against our strategic KPIs and remain committed to delivering shareholder value. Current trading is in line with guidance, and we look forward to providing a more detailed update at the end of April.”
