By Michael Susin
Naked Wines shares tumbled after the group cut its guidance due to a weaker-than-expected performance in the U.S. and said Chief Executive Officer Nick Devlin will step down immediately.
Shares at 0828 GMT were down 12.0 pence, or 27%, at 33.0 pence.
The London-listed online wine retailer said Tuesday that revenue is expected to fall from 12% to 16% in fiscal 2024. This compares with previous expectations of a revenue fall from 8% to 12%.
The company said earnings before interest and taxes–its preferred metric, which strips out exceptional and other one-off items–for the year ending April 3 is anticipated to be between 2 million and 6 million pounds ($2.5 million and $7.4 million), compared with previous guidance range of GBP8 million to GBP12 million.
Naked Wines said Devlin will step down as CEO with immediate effect, being replaced by founder and Chair Rowan Gormley on an interim basis until a successor is appointed. Devlin will continue in the role of president Naked Wines U.S. through the peak trading period before leaving the group fully, it said.
Write to Michael Susin at [email protected]
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