// Sosandar expects revenues of £29 million for the year ending 31 March 2022
// Sosandar also revealed it has extended its relationship with Next
Sosandar had a “milestone year” and was close to achieving record sales, which are ahead of expectations.
The online retailer expects revenues of £29 million for the year ending 31 March 2022, an increase of 138% year on year.
EBITDA loss has also reduced over 80% from a loss of £2.9 million in the previous year.
The number of orders in the period increased 84% to more than 500,000 while repeat orders have also surged by 93%.
The retailer, which also sells products through chains such as John Lewis and Marks & Spencer, added that its performance was down to its product offer and increased brand awareness across its target market.
The strategy to accelerate sales growth through online and the company’s concession partners “has been executed to plan with a very strong sales”.
Sosandar has also increased inventory levels throughout the year to support the rising demand across its own site as well as third party retail sites.
Sosandar also revealed it has extended its relationship with Next, with Sosandar products to be sold through Next’s ‘Platform Plus’.
In addition, following an approach by The Very Group, Sosandar commenced a wholesale agreement from March 2022.
“This has truly been a milestone year for Sosandar, and we are delighted with what the team has achieved over the past 12 months,” Sosandar co-CEOs Ali Hall and Julie Lavington said.
“We successfully executed our strategy across own site and third parties, building momentum in H2 and ultimately delivering our first six months of profitability which is a pivotal moment for us all.
“This outstanding performance means we now anticipate FY22 results to be ahead of current market expectations.
“Our success is testament to what we have achieved as a business to date, further endorsing the strong and ever-growing appeal and quality of the Sosandar brand.
“Despite the continuing uncertainty in the wider environment, our confidence in the outlook for Sosandar is undiminished and, reflecting our trading momentum, we plan to further accelerate our growth in the new financial year and beyond.”