Virgin Wines expects customers to dodge the pub for drinks at home
Virgin Wines has anticipated customers will host more social gatherings at home rather than heading to the pub.
In annual results, the online wine retailer said it was “mindful” of the potential impact of the cost of living crunch on frequency and order values.
However, it said it expected people would be “more likely to stay in and socialise at home rather than taking the more expensive option of going out.”
The London listed firm forecast that it’s top line performance would be “relatively resilient” in the face of historic inflation levels and expected revenue growth to be “broadly flat” for the 2023 financial year.
Profit before tax surged to £5.1m in the year to July 2022, well above last year’s performance of £1.7m
It garnered 105k new customers in the 2022 year, five per cent above expectations.