Naked Wines has reported it had a “good performance” over Christmas with strong underlying revenue growth, as its founder and chief executive retires with immediate effect.
For the 10-week period ending December 31, 2019, the specialist wine retailer said underlying revenue was up 11% on the same period last year.
The retailer reported that total gross margins were up 1 percentage point year on year, as a result of a higher proportion of repeat customer sales.
It said investment in new customers for the year “is expected to be at the lower end” of the £20m-£25m range indicated in its most recent interim results.
Naked Wines said this lower investment will “flow through to higher profit in the year” and reflects “disciplined investment to maintain payback at our target of 4x”.
As was announced in November, chief executive Rowan Gormley has today stepped down from his role and has been replaced by Nick Devlin.
Chair Greg Hodder has also stepped down from the Naked Wines board today, having handed the role over to John Walden at the retailer’s AGM in August.
Devlin said: “The team have worked hard over the Christmas period and delivered a good performance. With the important Christmas season behind us, we are now acutely focused on executing our plans and achieving our huge growth potential.
“Rowan leaves the business in great shape. We have the internal capability, clarity of purpose and financial resources to push ahead with our growth plans and deliver value for customers and shareholders alike.”