// Sosandar “significantly” reduced its EBITDA losses in the second half
// Revenue rose 52% to £4.3m in the six months ending September 30
// Gross profit reached £2.2m during the second half – up 48% year on year
Sosandar has reported an EBITDA loss of £1 million in the six months ending September 30, compared with £2.7 million in the first half of its financial year.
The womenswear retailer said it “significantly” reduced its EBITDA losses in the second half, after its revenue leapt 52 per cent to £4.3 million.
Sosandar’s gross profit reached £2.2 million during the second half – up 48 per cent year on year – thanks to increased customer engagement and an 88 per cent rise in repeat orders.
Its gross margin was 52.3 per cent, down slightly from 53.6 per cent in the first half.
Sosandar finished the second half with net cash of £4.3 million.
Sales between September and November rose by 115 per cent compared with the average in the previous five months.
Sosandar also recorded a 26 per cent increase in new customers during the second half, despite a 47 per cent reduction in marketing spend.
“From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum,” Sosandar co-chief executives Ali Hall and Julie Lavington said.
“We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend.
“As one would expect, we are now selling a much wider range of casual and at-home product than before.
“However, the Sosandar customer has also not lost a taste for glamour, with sales of sequins, leather, fur coats and knee boots remaining strong.
“Looking ahead, while there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base.
“The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.”