Naked Brand Group Ltd. (NAKD), an intimate apparel and swimwear company, has seen an increase of 7.11% in aftermarket trading session. As a result, NAKD stock is changing hands at $0.73 at the time of this writing. On Friday, NAKD stock closed the day at $0.68, after increasing 15.04% in regular trading hours. The increase has come after the company announced on Friday that it had completed its transformation into an eCommerce business. The announcement came during the 2021 annual shareholders meeting.
NAKD shareholders meeting
During his address to the shareholders meeting, Chairman and Chief Executive Officer Justin Davis-Rice announced the divestiture of the bricks-and-mortar operations of Bendon. According to David, the divestiture resulted in an expanded balance sheet for the company. Consequently, the company had a net cash position of $270 million at the time of the meeting. He further went on to say that after an extensive search and due diligence, the company had found an opportunity in the cleantech sector. He said that the business combination would result in a reward for the company’s shareholders. According to him, NAKD is a market leader with cutting-edge patented proprietary technology. Those cutting-edge technologies, according to him, satisfy the ESG mandates that corporations around the globe are trying to implement in modern times.
Annual results
On 18th May, NAKD reported the annual results for the fiscal year ending 31st January 2021. According to the details, the company generated revenue of $80.03 million during the period. During the previous comparative period, the revenue stood at $90.06 million. The gross profit generated by the company stood at $33.89 million. During the previous comparative period, the gross profit stood at $33.81 million. The total expenses bore by the company during the period stood at $83.42 million. During the previous equivalent period, the total expenses were $88.87 million. These expenses relate to brand management, Administration, Corporate Affairs, Finance affairs, Brand transition, and transaction, and lastly, impairment. The company bore a loss of $68.34 million during the period. During the previous equivalent period, the loss stood at $54.3 million. The basic and diluted loss per share for the period stood at $0.62. During the previous comparative period, the basic and diluted loss per share was $34.74. On the 31st of January, the company had cash and cash equivalents of $90.92 million. The total assets stood at $159.88 million. The total liabilities were $70.69 million.
What’s ahead for NAKD?
During the last week, NAKD stock has increased by 16%. The yearly performance of the stock is also outstanding, with an increase of 447% during the last 12 months. The analysts believe that the EPS of NAKD is expected to increase by 98% during the current fiscal. Based on these statistics, it’s easy to assume that NAKD stock would enjoy successful times in the near future.
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