Naked Wines PLC Trading Update (9072M)
17 Gennaio 2023 - 8:00AM
UK Regulatory
TIDMWINE
RNS Number : 9072M
Naked Wines PLC
17 January 2023
17 January 2023
Naked Wines plc
("Naked Wines" or "Group")
Trading Update for the quarter ended 26 December 2022
Solid holiday trading enables increased profit guidance, medium
term conditions remain challenging
Highlights:
-- FY23 adjusted EBIT outlook increased to GBP13-17m, from
previous guidance of GBP9-13m. Key drivers:
o Solid Q3 trading performance with flat reported revenue vs
prior year
o Improved repeat customer contribution margin year-on-year
o Continued SG&A control
o No change to one-off restructuring items guidance (GBP12m
total cost)
-- New customer investments in line with previous guidance, significantly lower year on year
-- FY24 forecasts are under review in light of lower levels of customer recruitment
Nick Devlin, Group Chief Executive, commented:
"We have executed well against our pivot to profit in our key
holiday quarter delivering flat reported revenue vs prior year (-6%
constant currency), improving year-on-year repeat customer
contribution margins and tightly controlling our SG&A
expenses.
Against a challenging market environment the robust performance
of our repeat customers reflects the enduring appeal of Naked's
core proposition combined with strong operational performance -
with increased throughput from our investment in warehouse
automation supporting an especially strong peak in the UK.
However, the consumer and marketing environment remains
challenging and opportunities to invest in new customer recruitment
at attractive payback levels continue to be limited. We expect to
spend GBP20-24m on new customer investment in FY23, around 40%
below FY22 levels. This is below the run rate necessary to maintain
our current scale and we are likely to see a modest decline in
revenue in FY24 as a result. As we enter our detailed FY24 planning
cycle we will be evaluating a number of options to improve this
outlook while remaining disciplined in our approach to investment
evaluation and capital allocation.
Costs have remained tightly controlled with SG&A spend
outlook at the bottom end of our guidance. Combining this with
repeat contribution profit at the top end of expectations we now
expect FY23 adjusted EBIT to be in the range of GBP13-17m
(previously GBP9-13m)."
Q3'23 Sales growth by Geography (p/e Dec Constant currency As reported
26 2022):
UK -1% -1%
------------------ ------------
USA -11% +2%
------------------ ------------
Australia -6% -3%
------------------ ------------
Total Group -6% 0%
------------------ ------------
Q3'23 Sales growth by customer type (p/e Constant currency As reported
Dec 26 2022):
------------------ ------------
Repeat Customer -3% +3%
------------------ ------------
New Customers -32% -27%
------------------ ------------
The information contained within this announcement is deemed by
the company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended) ("UK MAR"). Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
For further information, please contact:
Naked Wines plc IR@nakedwines.com
Nick Devlin, Chief Executive Officer
James Crawford, Chief Financial
Officer
Clara Melia / Chris MacDonald
Investec (NOMAD & Joint Broker) Tel: 0207 597 5970
David Flin / Carlton Nelson / Ben
Farrow
Jefferies (Joint Broker) Tel: 0207 029 8000
Ed Matthews / David Genis / Gill
O'Driscoll
Instinctif (Financial PR) Tel: 07917 178 920 / 07931 598
Guy Scarborough / Damian Reece 593
About Naked Wines plc
Naked Wines connects everyday wine drinkers with the world's
best independent winemakers.
Why? Because we think it's a better deal for everyone. Talented
winemakers get the support, funding and freedom they need to make
the best wine they've ever made. The wine drinkers who support them
get much better wine at much better prices than traditional
retail.
It's a unique business model. Naked Wines customers commit to a
fixed prepayment each month which goes towards their next purchase.
Naked in turn funds the production costs for winemakers, generating
savings that are passed back to its customers. It creates a
virtuous circle that benefits both wine drinker and winemaker.
Our mission is to change the way the whole wine industry works
for the better. In the last financial year, we served more than
934,000 Angel members in the US, UK and Australia, making us a
leading player in the fast-growing direct-to-consumer wine
market.
Our customers (who we call Angel members) have direct access to
268 of the world's best independent winemakers making over 2,200
quality wines in 22 different countries. We collaborate with some
of the world's best independent winemakers like Matt Parish
(Beringer, Stags' Leap) and 8-time Winemaker of the Year Daryl
Groom (Penfolds Grange).
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END
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