Sosandar posts strong revenue uplift
Women’s fashion retailer Sosandar has increased its full year revenue by 103% to £9.03 million.
However, the company has reported an EBITDA loss of £7.66 million for the year to 31 March after it invested in its supply chain and marketing to drive growth. Sosandar said this helped the business to increase its styles by 88% and grow its supplier base in seven countries to reduce supply chain risk. It also helped to boost the number active customers by 111% to 131,811.
Ali Hall and Julie Lavington, joint chief executives of Sosandar, said: “We’re delighted to report another year of growth, and one in which we achieved a significant shift in terms of customer base and infrastructure, providing stronger foundations for continued future growth.
“This proved especially valuable during lockdown where having a larger base of customers, combined with an enhanced product offering, allowed us to navigate difficult trading conditions, growing our customer base further and increasing their order frequency whilst preserving cash.”
The company said it has made a strong start to its new financial year, despite the impact of Covid-19, with revenue up 57% in its first quarter. It has also reduced its operating costs by 71% to help drive a 69% improvement in its loss position.
Sosandar has also signed contracts with John Lewis and Next to launch it clothing on their website platforms in its second quarter.
Hall and Lavington added: “The resilient performance achieved throughout Q1 has continued into Q2 of our current financial year. Our increasing confidence underpins our decision to begin increasing marketing spend with careful, controlled investment into customer acquisition from September to November, subject to any further impact of Covid-19.
“We remain cautiously optimistic about the coming months and more excited than ever about the longer term prospects for Sosandar.”
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