Online retailer Naked Wines has issued a performance review after revealing that sales fell 15% in the first half of the year to £112.3 million, although the management insists it is in “a better position, both financially and strategically”. Results for the 26 weeks to 30 September 2024 released today showed the adjusted EBIT was down on the previous year, at -£3.1m, down from £5.3m, however the company noted that early peak season trading had been “solid” with liquidity and cash continuing to improve, and the performance was in line with previous guidance for the FY25. The statutory loss before tax was reported as £5.6m, compared to last year’s first half loss of £9.7m, while liquidity had also improved to £22.9m, up from £20.1m in the same period the previous year. It is now slightly ahead of the Group’s treasury policy target which comes partly as a result of stock reduction, the company said. Rodrigo Maza, who was appointed CEO in February having joined the company as UK managing director in September 2023, said the company was in a better position, both financially and strategically with “robust financial foundations” and members who remained loyal and engaged. “Our strategic initiatives centred around customer acquisition and retention are generating learnings, and we are currently experiencing solid trading during the peak season period,” he said. It also noted that a performance review is underway, in order to “proactively evaluate options to maximise shareholder value”. A report will be issued at the end of the financial
This Article was originally published on The Drink Business - Wine
