Naked Wines Q1 sales below expectations; chair Stead to step down

Naked Wines reiterated its full-year guidance on Tuesday but said first-quarter sales had been below expectations, as it announced a delay to the publication of its results and the departure of chairman David Stead.

The company blamed weaker sales on reduced levels of new customer recruitment.

It also said that results for the year to 3 April, which had been due on 6 July, have been delayed.

Naked Wines reiterated expectations for full-year revenue of around £350m, adjusted EBIT of £15m to 18m - expected at the upper end - and closing cash of £10m.

It also announced the departure of chair David Stead and said that Rowan Gormley will assume the role.

"As indicated in today's trading update, it is clear that to deliver sustainable, profitable growth the group needs to recruit new customers at a higher rate," the company said. "Having founded Naked Wines in 2008 and built the business to nearly £200m of revenues Rowan is well placed to support that goal."

At 1230 BST, the shares were down 10.5% at 88.50p.