Shares in wine delivery service Naked Wines plunged deep into the red today as the firm decanted its CEO after warning sales and profits are set to fall even faster than previously thought.
The company had already expected a rough year, with sales set to fall by about 10% and profits to fall by as much as 50% as wine delivery firms struggle to adapt to the post-pandemic landscape. But its US arm performed even worse than expected, as customers quit the subscription service.
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