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current news

Naked: Loses $5.8M On Higher Sales Of $2.9M


(Filed Under Financial and General Interest News). Naked Brand Group sales increased, in the year ended January 31, 2018, to $2.9 million, but it nevertheless reported a loss of $5.8 million. The firm is expected to merge with Bendon by the end of May.

In its previous fiscal year the company lost $10.8 million on sales of just $1.8 million.

Last year Naked’s “sales were concentrated with Bloomingdales, Nordstrom.com, and Dillard’s, which accounted for 8.9%, 11%, and 8.2%, respectively, of our net sales. During fiscal 2017, Nordstrom accounted for 12.4%, Bloomingdales accounted for 13.7%, and Dillards accounted for 3.3% of our net sales. The decline in percentage of sales to Nordstrom and Bloomingdales during fiscal 2018 is largely due to an increase in sales across all channels leading to a decrease in sales concentrations to key customers.”

Likewise the company explained, “During the year ended January 31, 2018, sales to department stores accounted for approximately 33% of total net sales, as compared to 38.7% during fiscal 2017. The decrease in the proportion of department store sales to total sales was the result of the growth in our other sales channels. Increases in sales to department store accounts, such as Bloomingdales, Dillards, Saks Fifth Avenue, Lord & Taylor and Chicos of $214,790 during fiscal 2018, were outpaced by increases of $202,768 and $417,347 to third-party ecommerce and retail and specialty accounts, respectively.”

“Net sales through our ecommerce store (www.wearnaked.com) increased to approximately $385,300 for fiscal 2018 compared to $382,900 in fiscal 2017, an increase of 0.6%. The small increase in sales to our ecommerce store is largely due to the increase in third-party ecommerce sales.” Naked indicated that “Sales through our ecommerce store accounted for approximately 13.50% of total net sales in fiscal 2018 as compared to 20.8% of total net sales in fiscal 2017. The decrease in ecommerce sales as a percentage of total net sales is attributable to proportionately larger increases in sales to other channels in fiscal 2018 compared to the prior year. Net sales through third party ecommerce sites increased to approximately $328,700 for fiscal 2018 compared to $125,900 in fiscal 2017, an increase of 161.1%. Sales through these channels accounted for approximately 11.5% of total net sales in fiscal 2018 as compared to 6.8% of total net sales for fiscal 2017. This increase is attributable to an increase in sales to existing third-party ecommerce accounts and the addition of new third-party ecommerce accounts in fiscal 2018.”

“Sales to retail and specialty store accounts constituted approximately $878,200, or 28.6% of total net sales in fiscal 2018, as compared to $368,800, or 20.0% of total net sales in fiscal 2017. Total sales to retail and specialty store sales increased by approximately 166.3% over the comparative year, largely due to $441,453 in sales recorded for the fourth quarter relating to the consignment agreement with Bendon, dated October 4, 2017, as well as due to the addition of accounts during the fiscal year.”

Naked also reported that during the previous year it “sold approximately $316,100 in out of season and overstock inventory through off price sales channels. Sales to these customers accounted for approximately 11.1% of total net sales in fiscal 2018, as compared to 13.2% of total net sales in fiscal 2017.”


more Financial and General Interest News >>

Published 05-09-2018 by -

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Naked: Loses $5.8M On Higher Sales Of $2.9M
Naked, Bendon Ltd. Move Closer To Merger
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Naked Q2 Sales Jump 128.9%, Losses Mount


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