// Sosandar sees losses reduce and turnover improve by 35%
// Sales in the first quarter of the new financial year are 256% ahead of the same period last year
Despite a turbulent market environment, Sosandar raised revenue by 35 per cent to £12.2 million in the year to 31 March after reporting a strong year of trading.
It also reduced its EBITDA loss to £2.92 million from £7.66 million the prior year, thanks to increasing size, stronger marketing ROI, and a cost-cutting strategy.
During this time, the company diversified and expanded its product line to include loungewear and activewear, with new styles increasing by 60 per cent. This includes expanding the casual and smart-casual apparel collections.
Alongside this, it saw a 40 per cent increase in repeat orders to 189,703 and improved its average order frequency by 23 per cent to 2.08.
It said losses have been significantly reduced, while turnover improved by 35 per cent.
It also reported that sales in the first quarter of the new financial year are 256 per cent ahead of the same period last year.
Sosandar co-chief executives Ali Hall and Julie Lavington said: “We are delighted to report a year of very strong growth and performance alongside considerable operational progress. We have continued to expand and further diversify our product range, using targeted spending to maximise ROI and demonstrated strong cash retention, resulting in a significant growth in revenue and reduction in EBITDA losses.”
“The performance of our team over the last year has been truly exceptional and we are incredibly proud of what they have achieved.”.
“Whilst there is wider uncertainty around the ongoing effects of the pandemic, we are incredibly optimistic about what the future holds for Sosandar. Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties.
“Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months.”