Sosandar to report full year revenue growth

In its fourth quarter, Sosandar reported revenue of 3.94 million pounds, up 63 %.
“This performance reflects an increasing level of consumer optimism as lockdown restrictions start to lift”.
// From January to March revenue at Sosandar rose to £3.94m
// Sosandar cited investing & expanding its product range as “a key factor in its strong trading performance”
// The fashion retailer reported record sales at John Lewis and Next in March

Sosandar has reported a 63 per cent uptick in final quarterly revenue to £3.94 million.

For the financial year ended March 31, the online retailer now expects to report revenue of £12.2 million, up 35 per cent year-on-year.

Order numbers increased 29 per cent to 276,000, and repeat orders were up 40 per cent to 190,000.

It also recorded strong sales at John Lewis and Next, with March being a new record month.

There was also a “successful launch” with Marks & Spencer as a third-party online retailer at the end of March with strong initial sales.

“The progress we are making reflects the scale of our opportunity and growing demand for our unique offering in the market,” Sosandar co-chief executives Ali Hall and Julie Lavington said.

“The recent purchasing trends that we have seen from our customers point to a period of increased activity and we believe that our extensive product range can cater to their needs”.

Throughout the year Sosandar has continued to invest and expand its product range, citing it as “a key factor in its strong trading performance”.

It reported that its loungewear, knitwear, denim and outerwear had “all performed particularly well” while customer activity increased month on month during the quarter.

There was also a continued improvement in the retailer’s returns rate, which dropped to 43 per cent from 50 per cent in the prior year, “reflecting a diversification of product mix”.

Gross margin also showed continual improvement throughout the fourth quarter with March at 54 per cent.

Despite this, the overall gross margin fell to 48.1 per cent from 48.5 per cent in the previous year, “reflecting promotional activity during the period of lockdowns”.

“The Sosandar brand has also shown its desirability in having been chosen to appear on the platforms of three major British retailers,” the retailer said.

“The company sees many opportunities for growth both on its own site and with its retail partners in the coming months and beyond.”

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