// Sosandar’s EBITDA loss almost halved from £6m to £3.49m year-on-year
// Revenues skyrocket 228% to £4.44m
// Gross margin improved to 55.5%
Sosandar has slashed its full-year operating losses on the back of soaring revenues, as the online retailer continues its rapid growth three years after it was launched.
For its financial year ending March 31, Sosandar managed to slash its EBITDA loss reduced to £3.49 million, down from a loss of £6 million last year.
The fashion retailer, which targets over 35s, also managed to rake in £4.44 million in revenues – an additional £3.09 million or 228 per cent growth year-on-year.
Gross margin also improved to 55.5 per cent compared to 49.4 per cent last year, while gross profit increased jumped by 268 per cent year-on-year to £2.44 million.
Sosandar said that the year’s end, it had a cash balance of £3.64 million.
The online retailer attributed its full-year performance to a 224 per cent year-on-year growth on online orderss.
This was boosted by a 95 per cent increase in its customer database, which now stands at 105,756, alongside an 185 per cent increase in active customers.
Sosandar added that its social media channels played a crucial role throughout the year, with its Facebook and Instagram followings increasing by 72 per cent and 208 per cent respectively.
“We are delighted to be reporting a year of exceptional growth along with significant operational progress,” co-founders and co-chief executives Ali Hall and Julie Lavington said.
“We have expanded our product range and invested in highly effective customer acquisition, which together are driving ever growing repeat rates.
“We continue to inspire and excite our customers and once we recruit customers they are proving to be incredibly loyal and highly engaged with the brand, which will fuel future growth for the business.
“We are continuing to invest in the expansion of our product range, most recently making investment into specialist areas of footwear, accessories, knitwear and denim.
“Our social channels continue to expand rapidly, and we have seen an ever-growing army of high-profile celebrities wearing our clothes such as Amanda Holden, Kelly Brook and Natalie Pinkham.”
The duo added that recent investment into specialist design areas and new factories will drive a larger product range, further enhancing choice for customers.
They also said that the new financial year has started “strongly” and in line with their expectations, with June setting a new record for the number of units sold in a month.
“Being an agile e-commerce business, we have been able to respond quickly to external forces, making the prudent strategic decision to hold back funds to invest for customer acquisition in future months where we expect to achieve a better return on marketing spend,” Hall and Lavington said.
“With a clear growth plan, we are confident in the outlook for the year and very excited about Sosandar’s long term prospects.”