Sosandar sales rise 11% as losses narrow
Sosandar has posted an 11% rise in first half revenue to £20.8 million, as its multichannel strategy continued to broaden its customer reach.
The online fashion retailer’s adjusted loss before tax narrowed to £0.7 million from a previous £1.1 million, with profitability traditionally weighted to the second half of the year.
Subscribe to TRBThe retailer said the first half reflected a strong spring and summer season, despite the challenging macroeconomic and consumer backdrop.
Sales growth reported for the first quarter continued into the second, with revenue for the first five months up 17% year-on-year. Own channels grew by 6%, while third-party sales climbed by 32%.
However, trading in September was impacted by warm weather, which delayed sales of autumn product across all of its sales channels. Sosandar said trading strengthened significantly through October and was in line with expectations
The company said it continued to execute its multichannel strategy, with its own website, third-party partnerships and stores providing complementary routes to market.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “The delivery in the Period is testament to the underlying strength of the Sosandar model and the strategic decisions we have made over the last few years. Revenue has grown, margins have strengthened and we’re moving closer to the profitability this business is capable of.
“We entered the year with strong momentum, we are really pleased with our performance through the spring / summer season despite the challenging consumer backdrop.
“Whilst September was impacted by the prolonged Summer weather, trading has strengthened significantly through October as we saw more Autumnal weather.
“At the heart of everything is creating clothes women love to wear, and that remains our focus. We’re positive about the opportunity ahead and confident in delivering our full‑year market expectations.”
