Naked Wines shares fell Tuesday after the company said sales in the first quarter of fiscal 2024 have been below its expectations, and that it will delay the publication of fiscal 2023 results.
Shares at 0912 GMT were down 12.1 pence, or 12%, at 86.80 pence.
The London-listed online wine retailer said sales for the first quarter missed expectations largely due reduced levels of new customer recruitment. Extrapolating current trends through the rest of the year would result in sales of around 300 million pounds ($380.8 million).
The company added that the publication of results for fiscal 2023, due Thursday, has been delayed as auditors need additional time to complete procedures. It will outline a revised date in due course.
Naked Wines reiterated prior guidance for the year, including total revenue of around GBP350 million–flat on a reported basis but a 6% to 8% slip on a comparable basis. It also expects adjusted earnings before interest and taxes of GBP15 million to GBP18 million, forecast to be at the upper end of the guided range.
The company also named founder Rowan Gormley as its new chairman, taking over from David Stead who will leave the board.