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Results: WINE

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Naked Wines Trading Update – not so pretty and not so transparent

Naked Wines (WINE) today boasts that its EBIT ( fairly made up earnings) for the year to almost the end of March 2023 will be higher than expected. But there is a warning about 2024 and absolutely no guidance about the real elephant in the room, the ghastly balance sheet. That 2024 warning and the lack of transparency about what really matters are what stink.

Naked Wines – what happens if a run on the bank occurs?

Based on its published financial results Naked Wines (WINE) appears to be a low margin business generating £2,873,000 of profit before tax on revenue of £350,263,000 a margin of under 1%.  In the annual report Naked repeatedly stresses that this is because it effectively heavily discounts its offering to recruit new customers and Angels to fund its business model. Existing customers are anticipated to become profitable over time. Cheryl Cole is anticipated to head up to Wrexham for you know what.


Naked Wines shareholders will probably need a drink!

I guess if you want to go on a train today, then thanks to the striking unions you will be at the very least horribly delayed. How 1970s! Still, at least the interweb exists nowadays. I have shared my cautious views on Trainline (TRN) a few times already and it is not a surprise at all that its shares are down 10% today as I write. It still remains a clear avoid for me…and such a negative view may also be taken by its CFO, as the company announced that “Shaun McCabe, Chief Financial Officer, has informed the Board that after 6 years with the Company he has decided to step down, effective 15th September 2022, in order to assume the role of CFO at boohoo group plc" (BOO). Out of the frying pan and into the fire! No doubt more money is involved but - I would agree Shaun - that in a choice between the two, boohoo is more likely to positively surprise over the next two or three years. Anyhow today I wanted to really turn to drink…or in this specific case Naked Wines (WINE)...

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