Sosandar has reported gross profits of £409,000 for the nine months to December 31, a massive increase on the £72,000 recorded in the same period the year prior.
The online fashion retailer’s revenue also skyrocketed from £141,000 in the same nine-month period in 2016 to £861,000 in 2017.
However, operating losses widened from just over £1 million to £2.1 million year-on-year.
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In addition, EBITDA losses also widened from almost £995,000 to just over £2 million.
Despite this, Sosandar said the momentum in the business seen since its £5.3 million admission to the AIM market of the London Stock Exchange last November has delivered new customers, repeat orders and total revenues that were ahead of management expectations.
“We are delighted with the progress being made within the business, which continues to exceed management expectations,” joint chief executives Ali Hall and Julie Lavingston said in a statement.
“Awareness of Sosandar is growing ever stronger and the coverage and recognition that our products receive is promising for a brand so early in its lifecycle.
“The fundraising in November has enabled us to increase our product range and we are already seeing good traction in our higher price point categories, including leather, outerwear and footwear.
“Our target market is affluent and has been long underserved and we continue to look forward to the future with great confidence.”
Launched in autumn 2016 by Hall, a former Look magazine editor, and Lavington, an ex-publishing director, Sosandar aims to fill a gap in the market for ”women who have graduated from younger online brands” who are looking for ”affordable clothing with a premium aesthetic”.
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