Sosandar boosted by strong first half performance
Women’s fashion retailer Sosandar has posted a 72% increase in first half revenue to £20.9 million despite “challenging” trading conditions.
It also achieved a pre-tax profit of £0.1 million in the six months to 30 September compared to a loss of £1.08 million in the same period a year ago.
Sosandar said its average order value rose by 4% to £90 in the half year while the number of active customers increased by 33% to 254,601.
The company has attributed much of its success to its ability to identify and fast-track the development of key product lines and the benefits of strong partnerships with other retailers which include M&S, Next, John Lewis and The Very Group.
Today Sosandar has announced the launch of a new partnership with N Brown Group’s JD Williams on a wholesale agreement basis.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “We are extremely pleased to have delivered a strong performance in the first half of the financial year. Our well-planned and agile approach, together with our distinctive product range and effective communication strategy, has enabled us to deliver a significant increase in revenue, as well as a full period of profitability.”
Sosandar said the positive trading has continued into the early weeks of its second half and that it now expects to deliver revenues of £42.8 million, EBITDA of £2.2 million and a pre-tax profit of £2 million in the year to 31 March 2023.
Looking ahead, Hall and Lavington said: “We have a clear strategy in place and a proven ability to execute our plan. This gives the board the confidence that the group will continue to make progress and deliver profitable growth in line with full year market expectations.”
