Good morning and welcome to our continued coverage of the world economy, financial markets, the eurozone and business.
A wave of corporate winners from the coronavirus pandemic are reporting results this morning.
In its first results since it floated unfavorably on the London Stock Exchange, Deliveroo has reported that its orders have more than doubled in the last quarter compared to the previous year.
Orders increased 114% to 71 million in the January-March quarter, amid continued demand for food delivery at home.
But the company also warns that it expects growth to slow as lockdowns ease, although the extent of the slowdown remains uncertain.
Will shu, Founder and CEO of Deliveroo, said:
“We are delighted with Deliveroo’s first quarter results. Demand has been strong both in the UK and Italy and in international markets driven by record new consumer growth and sustained engagement from our existing consumers. This is our fourth consecutive quarter of accelerated growth, but we are aware of the uncertain impact of the lifting of the COVID-19 restrictions.
So while we are confident that our value proposition will continue to attract consumers, restaurants, grocery stores and passengers throughout 2021, we are taking a cautious approach to our comprehensive annual guidance. “
The Hut group, which owns beauty sites like Lookfantastic and Glossybox, has also been in solid demand since the shutdowns began.
THG has reported that revenue increased 42% last year, to £ 1.6 billion, increasing adjusted earnings by 35%, thanks to strong demand for nutrition and beauty products.
But the lockdown has also sparked strong demand for home wine deliveries.
Naked wines posted annual sales growth of around 68% this morning, above the upper limit of expectations, thanks to an increase in orders during coronavirus-induced lockdowns, notable in the United States.
Naked’s business in the United States grew 75% in the last year and now represents approximately 45% of the Group’s sales.
It has also increased its active ‘Angels’ customer base, making regular monthly payments, to 885k, a year-on-year increase of roughly 50%.
Nick devlin, Naked CEO, says there has been a ‘lasting shift’ towards online demand.
While in some ways 2021 is as difficult to predict as 2020, I think we’ve seen a lasting shift in online demand across multiple categories.
Ultimately, while COVID has prompted testing of many models online, the long-term winners will be companies that offer customers a truly differentiated offering – I strongly believe that Naked will be one of those long-term winners.
- 9.30 a. M. BST: Bank of England Credit Conditions Survey
- 1.30pm BST: US Retail Sales March
- 1.30pm BST: Weekly Unemployment Figures in the US
- 2:15 p.m. BST – March US Industrial Production
George is Digismak’s reported cum editor with 13 years of experience in Journalism