Naked Wines has appointed Dominic Neary as its new CFO as it posts widening losses amid a slowdown in demand.
Neary joins from workplace training consultants Mind Gym, where he helped return the business to profitability and scale its global operations as finance boss.
It comes as Naked Wines reported it was making “substantial progress” towards a return to profitability despite pre-tax losses deepening to £16.3m, up from £15m, in the 52 weeks to 1 April.
Sales for the retailer plunged 18% to £290m.
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The online retailer said it is a “well capitalised business – but too much of our capital is still tied up in inventory”.
Despite progress on its plans and a new credit facility, the company warned it faced “a severe but plausible downside” in its quest to profitability.
Recently appointed CEO Rodrigo Maza said: “Over the past few months, we have made significant strides by strengthening our financial foundations, embedding resilient management practices, and importantly, crystallising a robust customer proposition.
“This proposition not only drives our mission to enable independently-minded wine drinkers to enjoy great wine without the guesswork but ultimately ensures long-term engagement and a competitive advantage.”
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