// Sosandar has swung to a profit, with revenues up 72%
// Order numbers at the business increased by 22% to 620,977, with 148,382 from new customers
Sosandar made £21 million in sales in the first half of FY23, 72% more than what they made in the same time last year, with the growth equally shared between their own website and other companies they work with.
The online fashion retailer said that for the year until March 31st, they made a profit of at least £1.6 million, up from the loss of 600,000 pounds the year prior
During that same period, they made £42.5 million in sales, compared to £29.5 million the year before.
As a result, market expectations for the year ending March 31, 2023 are £42.8 million pounds in sales and a profit before tax of £2 million.
The business said it also saw strong trading with third parties M&S, Next, John Lewis and The Very Group across all product categories and launched a new partnership with N Brown Group’s JD Williams on a wholesale agreement last September.
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Order numbers increased by 22% to 620,977, with 148,382 from new customers, Sosandar said. Average order value rose 8% to GBP97.27, the company said.
Sosandar said the number of active customers rose 19% to 264,832, with average order frequency up 3% to 2.34 times a year.
Co-chief executives Ali Hall and Julie Lavington said: “Our continued revenue growth has enabled us to reach a significant milestone in delivering another six months of profitability, achieving a substantial swing from a loss of 1.1 million pounds in the same period last year to a profit before tax of 0.1 million pounds for the current period.”
“Pleasingly, throughout October and November we delivered two record months of sales with this culminating in an extremely successful Black Friday period which saw a record number of visits to Sosandar.com and the strongest sales week on record for our third party partners, with margins increasing compared with the first half of the financial year,”
“We continue to trade in line with market expectations for the full year and remain confident in the longer-term outlook for the business.”
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