Naked Wines PLC (AIM:WINE, OTCQX:NWINF) chief executive Nick Devlin tells Proactive that a renewed focus on profit rather than growth is the “right plan for Naked right now” due to the uncertain market and consumer environment.
While the underlying business remains strong, he says it is necessary to focus on building Naked’s cash reserves and strengthening its balance sheet as it makes a “pivot to profitability”.
In the short term, sales are likely to decline as the company cuts back on some of its marketing investment that was showing lower returns, he adds.
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