Naked Wines (#WINE) – H1 increased loss, net cash down to £2.8m

Naked Wines – CEO walks the plank after yet another lack of profits and cash warning: Told y’all

You cannot say that we have not warned you time and time again about Naked Wines (WINE). The chickens are really now coming home to roost and sooner or later there has to be a “run on the bank” with customers ( the Angels) withdrawing the cash they deposit with Naked as prepayments on its booze. And that will be game over. For now the Fat Lady is not booking a gig just yet but Naked has to be on her watch list.

Naked Wines (#WINE) – weaker US trading profit warning, CEO Nick Devlin “immediately standing down”

Naked Wines for me remains a stock to avoid (irrespective whether you are a drinker…or not)

Fifteen months ago I said that “Naked Wines (WINE) shareholders will probably need a drink!”. Back then, the company’s shares were just over 150p and today they are below 65p. And yet, remarkably, the company says “adjusted EBIT of £17.4m, or £16.3m on a 52-week comparable basis (FY22: £2.0m), ahead of guidance (£13-17m) due to lower new customer investment”. What is going on at this, not even now £50 million market cap, business?

Naked Wines (#WINE) – FY PBT “expected to be £2-5m”, notes “adjusted items of £14m”

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 (#WINE) – Q3 constant currency sales -6% YoY, warning as consumer and marketing environment “challenging”

Naked Wines (#WINE) – H1 adj. profit but overall loss, notes reshaping strategy

Naked Wines (#WINE) – ‘steps to reset cost base and unwind inventory’, renegotiated credit facility

Naked Wines (#WINE) – desperate times as shareholder and former-CEO Rowan Gormley returns as a short-term advisor

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 (#WINE) – CFO Shawn Tabak departed “by mutual agreement”

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)...

Naked Wines (#WINE) – FY swing to £2.4m profit, notes current macroeconomic greater uncertainty

Naked Wines (#WINE) – FY adj. EBIT “low-single digits”, cash “approximately £40m”

Naked Wines (#WINE) – FY sales +68% to £340.2m, expects £355m-£375m this year

Naked Wines (#WINE) – FY sales approx. +68%

Naked Wines (#WINE) – H1 revenue +79.6%, still even adj. LBT (£2.7m), though reduced from £5m

Naked Wines (#WINE) – July sales +73% v. prior year, first four months +76%

Naked Wines (#WINE) – June sales +67%, Chairman John Walden to step down for “personal reasons”