Sosandar boosted by strong first half sales growth
Women’s fashion retailer Sosandar increased its revenue by 52% to £4.28 million in the first half of its financial year.
In the six months to 30 September, the retailer also saw a significant improvement in EBITDA loss which narrowed to £1.02 million from £2.71 million in the same period in the previous 12 months.
During the period, Sosandar benefited from a big increase in repeat orders which were up 88% year-on-year. There was also a significant improvement in marketing ROI with a 26% uplift in new customers despite the retailer spending 47% less on marketing.
Sales were also boosted by a rapid expansion of the retailer’s product range as it looks to introduce more casual styles due to people needing fewer formal clothes during Covid-19 lockdowns.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “We are delighted to be reporting strong revenue growth and a significant improvement in EBITDA despite one of the most challenging periods ever for the retail industry. It is a real achievement and testament to the fantastic team we have built at Sosandar, that we have delivered increased sales, better cost efficiency, better engagement with customers, grown our database and quickly expanded our product range, whilst at the same time significantly reducing marketing spend.”
Giving an update on more recent trading, the retailer said monthly sales for September to November increased by 115% compared to the average for the previous five months.
Hall and Lavington added: “Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base. The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.”
