Naked Wines has reported deepening statutory losses and a fall in sales as it confirmed the appointment of its new chief financial officer.
For the 52 weeks to April 1, 2024 Naked Wines reported statutory loss before tax of £16.3m versus an FY23 loss of £15m and adjusted EBIT of £5m, down from £14.9m the previous year – albeit at the upper end of its guidance range of between £2m and £6m.
Total sales for the group were £290m, down 18% year on year and down 13% on a 52-week comparable basis.
Inventory was reduced by £13m to £132m, while the retailer reported net £13m in provision.
Since the end of the period, Naked Wines has agreed a new credit facility which provides it with “additional liquidity and fewer operating constraints”.
The retailer said that first quarter trading had been “broadly in line with expectations”.
In terms of guidance for the 2025 full year, Naked Wines said it expects revenues to come in between £240m and £270m, with adjusted EBIT of between £3m and £8m.
Non-executive chairman Rowan Gormley said: “We’re making real progress turning things round. Now that the team has addressed the cost base and liquidity issues, we can focus our attention on the big prize – restoring Naked Wines to profitable growth.
“With a new invigorated team looking at the challenge with a fresh perspective, I feel confident that we will see Naked fulfil its potential to revolutionise the DtC (direct to consumer) wine market.”
The retailer also today announced that Dominic Neary will be joining as its new chief financial officer on November 11, 2024.
Neary joins from MindGym, where he was CFO. He previously spent 10 years with Reckitt Benckiser and was regional finance director of its North American pharmaceuticals business.
Related Companies
- Previous
- Next
No comments yet