Sosandar posts year of strong growth
Womenswear retailer Sosandar increased its revenue by 35% to £12.2 million in the year to 31 March despite a volatile trading environment.
It also narrowed its EBITDA loss to £2.92 million from £7.66 million in the previous year after it benefited from increased scale, improved ROI on marketing spend and a focus on cost management.
During the period, the company diversified and expanded its product range to include loungewear and activewear with a 60% increase in new styles. This also included the expansion of casual and smart-casual clothing ranges.
In addition, it saw a 40% increase in repeat orders to 189,703 and improved its average order frequency by 23% to 2.08.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “We are delighted to report a year of very strong growth and performance alongside considerable operational progress. We have continued to expand and further diversify our product range, using targeted spending to maximise ROI and demonstrated strong cash retention, resulting in a significant growth in revenue and reduction in EBITDA losses. The performance of our team over the last year has been truly exceptional and we are incredibly proud of what they have achieved.”
Giving an update on trading since the year-end, the company said revenue climbed by 256% to £5.7 million in its first quarter and that the number of orders tripled year-on-year. In addition, it completed a successful fundraise of £5.43 million in the period.
Hall and Lavington added: “Whilst there is wider uncertainty around the ongoing effects of the pandemic, we are incredibly optimistic about what the future holds for Sosandar. Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties. Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months.”
