Business
Board changes and update on Christmas trading
Board changes and update on Christmas trading.
About this update from Naked Wines Plc
[{"type":"text","content":"\n \nRNS Number : 1998Z Naked Wines PLC 09 January 2020 \n\n \n \nNaked Wines plc\n(\"Naked\" or the \"Group\")\n \nBoard changes and update on Christmas trading\n \nNaked sales growth of 11%\n \nAs previously announced, with the sale of the Majestic businesses completed and Christmas trading behind us, Rowan Gormley, CEO, is retiring from the Group Board as of today. Nick Devlin will take over the Group Chief Executive role with immediate effect.\n \nIn line with the Board transition period announced at the full year results in June 2019, Greg Hodder has formally stepped down from the Board with effect from today having handed the Chairman role to John Walden at the conclusion of the AGM in August 2019.\n \nNaked's Christmas trading performance for the 10-week period ending 31 December 2019 was within the range of expectations, with underlying revenue1 for the continuing business2 up by 11% on the same period last year. Total Gross margin3 was 1 p.p. higher year on year as a result of a higher proportion of repeat customer sales. Investment in new customers4 for the year is expected to be at the lower end of the £20-25m range indicated with the interim results, reflecting disciplined investment to maintain payback at our target of 4x. The lower investment will flow through to higher profit in the year.\n \n \nNick Devlin, Group Chief Executive, commented:\n \n\"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.\n \nRowan 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.\"\n \n \n-------------------------------------------------------------------------------------------------------------------------------------------------------------------------\nNotes:\n(1) Underlying revenue is calculated using constant FX rates for translation of the comparative period\n(2) Trading businesses of Naked Wines UK, Naked Wines US and Naked Wines Australia and excluding the disposed of businesses of Majestic Wine Warehouse, Les Cell...