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current news

Naked Q2 Sales Jump 128.9%, Losses Mount


(Filed Under Financial and General Interest News). Naked Brand Group sales jumped 128.9%, with gains across all categories, including departments store accounts, third party ecommerce sites, retail and specialty store accounts and sales on its own website.

Despite the sales improvement, the company continues to hemorrhage huge amounts of money, reporting a loss of $1.626 million in the three months ended July 31, 2017, compared to a loss of $3.276 million in the same period in 2016.

Naked is in the final stages of a merger with New Zealand-based Bendon Limited, and on September 12 reported it had “submitted a draft registration statement on Form F-4” with the SEC. The merger is subject to shareholder and regulatory approvals as well as the declaration of the effectiveness of the registration statement and the listing of the combined entity’s shares on Nasdaq.

Privately held Bendon said earlier this year that it generates about $100 million in annual sales. Meanwhile publicly traded Naked reported just $1.84 million in sales in its latest fiscal year, with a loss of $10.8 million. Naked admitted that “as of July 31, 2017, the company had not yet achieved profitable operations, had incurred a net loss of $4,813,735 [in the first six months of this year alone] and had an accumulated deficit of $61,993,318 and expects to incur significant further losses in the development of its business.”

Upon completion of the merger, Bendon shareholders will own about 93% of the shares in the new entity, with former Naked shareholders owning the rest. When the plan was announced at the start of the 2017, Justin Davis-Rice, executive chairman of Bendon, said it would result in “a powerful creative, marketing, operational and capital markets platform. As a publicly traded company in the U.S., we expect to have an opportunity to accelerate our growth and strengthen our position as a global leader in intimate apparel, swimwear, innerwear fashion and lifestyle brands through both organic growth and strategic acquisitions.”

In the quarterly report, Naked provided many details of its sales success. “During the fiscal quarter ended July 31, 2017, sales to department stores were approximately $313,700, or 46.8% of total net sales, as compared to $93,000 or 31.7% during the same period in 2016. The reason for the increase in department store sales is as a result of (i) an increase in sales across all departments store accounts, most significantly Dillards and Nordstrom online and (ii) the reversal of certain sales allowances recorded during fiscal 2017 as a result of the reduction of in-store merchandise at Nordstrom stores.”

“Net sales through our ecommerce store (www.wearnaked.com) were approximately $81,700 for the fiscal quarter ended July 31, 2017 compared to $74,100 in during the same period in 2016, an increase of 10.3%. Sales through our ecommerce store accounted for approximately 12.2% of total net sales in 2017 as compared to 25.3% of total net sales in 2016.”

“Net sales through third party ecommerce sites increased to approximately $73,600 for 2017 compared to $24,400 in 2016, an increase of 201.8%. Sales through these channels accounted for approximately 11.0% of total net sales in 2017 as compared to 8.3% of total net sales in 2016. This increase is attributable to new third-party ecommerce accounts added in fiscal 2017.”

“Sales to retail and specialty store accounts constituted approximately $116,400, or 17.4% of total net sales in 2017, as compared to$49,800, or 17.0% of total net sales in 2016. Total sales to retail and specialty store sales increased by approximately 133.9% over the comparative year, due to the addition of accounts.”

“During the three-month period ended July 31, 2017, we sold approximately $84,200 in out of season and overstock inventory through off price sales channels, compared to $49,500 in 2016. Sales to these customers accounted for approximately 12.6% of total net sales in the current quarter, as compared to 16.9% of total net sales in the comparative quarter in 2016.”

“During the three-month period ended July 31, 2017, men’s products constituted 51.7% of total sales and women’s products constituted 48.1% of total sales. The largest reason for the increase in proportion of men’s sales was a result of the reversal of sales allowances on men’s sales. Without the effect of this, men’s products would have comprised 45.9% of total sales and women’s products would have comprised 53.9% of total sales for the quarter. We continue to see most of our growth driven by our women’s collections.”

“During fiscal 2017, our gross margin was 36.6%, compared to (67.2)% in the comparative period ended July 31, 2016. The increase in gross margin was primarily an increase in inventory allowances in the comparative period. In addition, the increase in gross margin is a result of the reversal of sales allowances in the current period, due to a change in estimates triggered by a transition in department store accounts.” — NM


more Financial and General Interest News >>

Published 09-15-2017 by Nick Monjo

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