// Sosandar reports a “very strong” start to its 2023 fiscal year, with sales rising over 80% from a year earlier
// Trading at the retailer is currently “in-line with market expectations” with a strong performance on both own site and third-parties.
Sosandar has hailed continued strong momentum which it said has driven a “substantial revenue growth and a profitable second half”.
The women’s fashion retailer delivered revenue growth of 142% to £29.5 million, which included three consecutive months of record revenue in September, October and November 2021.
EBITDA improved “significantly” to a £200,000 loss from a £2.9m loss the prior period, with every month in H2 FY2022 being profitable.
The business, which targets an audience that has grown out of ‘fast fashion’ or no longer feels served by it, said it saw “particularly strong sales of workwear, occasion wear and holiday clothes.”
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Sosandar also reported an increase in gross margin to 56% from 48%, which it said “reflected a return to normal trading conditions following the impact of the Covid pandemic on the prior year”.
Revenue hit £10.4 million, in line with management’s expectations and putting it on track to beat market expectations for the full year of £45.2 million.
Trading is currently “in-line with market expectations” with a strong performance on both own site and third-parties, which include Marks and Spencer, Next, and John Lewis.
Ali Hall and Julie Lavington, co-CEOs of Sosandar said: “We are incredibly proud to be reporting another period of sustained growth for Sosandar. Notwithstanding the current macro-economic environment, trading in the new financial year has started very well, with a record quarter for sales and three further consecutive months of profitability.”
Looking ahead, they added: “We are excited for the next stage of our growth. Our winning formula is evident in our results and over the next year we will focus on expanding our product range and continuing to drive growth through our own site and third parties.
“Return rates are in line with our expectations across the product range and our costs continue to be carefully managed. We continue to expand and diversify our supplier base to support our growth expectations whilst further mitigating risk.
“As we have done over the past two years, we will continue to use our agility and detailed planning to manage the business effectively, as we move forward on our journey to becoming one of the largest womenswear brands globally.”
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