Naked Brand posts sales increase, reduces net loss in fiscal 2016
Naked Brand Group released on Thursday its fourth quarter and fiscal 2016 results, marking as the first financial results since proposing a merger with Bendon Limited. Naked and Bendon proposed a merger in January, which if accepted would make Naked CEO Carole Hochman the Chief Creative Officer of the company.
Full year net sales climbed 32.6% to $1.8 million, and net loss for the year was $10.8 million, or $1.77 per share, which includes $5.3 million in non-cash stock option compensation charges. The company reported in fiscal 2015 a net loss of $19.1 million, or $10.13 per share.
Fourth quarter net sales also increased by 21.9% to $0.55 million, driven by increased sales in specialty and retail accounts and third party e-commerce sites, as well as off-price sales channels that sold out of season and overstock inventory. Naked launched its women’s products at Lord & Taylor, Nordstrom and Amazon in August and the Wade x Naked collection at Nordstrom in October.
The company reduced its fourth quarter net loss to $2.6 million, or $0.42 per share, from a net loss of $10.6 million, or $2.94 per share, in the previous year. In addition, operating loss for the quarter was $2.6 million compared to $3.2 million in the prior year.
Naked kicked off its fiscal year with the launch of sleepwear, loungewear, and intimates lifestyle collection Comfortably You on the Home Shopping Network.
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