Full-year sales for 2024 are now expected to decline between 12% and 16% year on year, with underlying earnings expected to close between £2m and £6m, behind previous guidance was between £2m and £8m.
Founder and executive chairman Rowan Gormley is set to take on the top role on an interim basis after Devlin’s departure.
However, Devlin will continue in the role of president of Naked Wines US through the peak trading period before leaving the group fully.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Gormley said: “It is disappointing to be warning of underperformance against a recent forecast. While trading in the UK and Australia has been in line with the board’s expectations, current trading in the US has fallen well behind, both in terms of sales and margin. Customer attrition remains at historically low levels.”
“My view is that this shortfall is largely to do with execution, which in turn is largely due to Nick Devlin splitting his time across both the role of CEO and US President.
“I am sad to see Nick go, but his legacy remains. Naked Wines revenue has grown 50% since he took the CEO role, and Nick leaves with a lot of the hard turnaround work completed, including testing some exciting improvements to our customer proposition, which we are testing at scale right now. He goes with our best wishes.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
