Naked’s losses widen as group seeks return to growth
Troubled online retailer Naked Wines has announced a further fall in sales, with its full year results showing total sales down 18% year-on-year to £290m (52 weeks to 1 April 2024) against £345.0m in FY23.
Statutory loss before tax stood at £16.3m, set against £15.0m in FY23, representing a 9% increase.
However, these figures are set against significant moves to restructure the business and return to profit, with a new £60m credit facility announced with PCN bank, along with a reduction in inventory and tighter cash management all aimed at turning the business around.
This is underpinned by the recent engagement of Rodrigo Maza (pictured) as CEO and a new CFO, Dominic Neary, who joins on 1 November 2024, to help drive that momentum.
“I am honoured to lead Naked Wines into its next chapter and our new team is fully focused on returning Naked to profitable growth,” said Maza.
“Over the past few months, we have made significant strides by strengthening our financial foundations, embedding resilient management practices, and importantly, crystallising a robust customer proposition.”
Rowan Gormley, Naked’s non-executive chairman, added: “"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 wine market.”
In March 2024 Naked hired debt advisers Interpath Advisory to explore refinancing options amid financial difficulty, with its shares having fallen by a third over the past year, with its December 2023 results revealing a 10% decline in sales.
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