Sosandar hails robust full year performance
Women’s fashion retailer Sosandar has said it put in robust performance in the year to 31 March as it focused on margin, profitability and cash generation.
Revenue rose by 9% to £46.3 million in the period while gross margin improved to 57.6% from 56.2% in the prior year as the company benefited from an 80% reduction in price promotional activity on its website.
In the second half period, Sosandar delivered a profit of £1 million following a first half loss of £1.3 million, which meant it posted a pre-tax loss £0.3 million for the full year. This compares to a pre-tax profit of £1.597 million in the previous 12-month period.
Ali Hall and Julie Lavington, co-chief executives of Sosandar, said: “We have delivered a robust financial performance for FY24, delivering a profitable second half, accelerating revenue growth whilst at the same time growing our margin and generating cash.
“This performance has been achieved against one of the most challenging backdrops our industry has experienced and is a testament to how our customers feel about our on-trend, affordable, long lasting, lifestyle appropriate clothes.”
Growing profitably and extending brand reach
Looking ahead, the company said it will continue its focus on growing margins and profitability, whilst also increasing brand awareness and reach with the opening of its first physical retail stores. The company will be launching shops in Marlow and Chelmsford in September.
Hall and Lavington added: “We believe that the future is very bright as we take the Sosandar brand to more customers across the UK and worldwide, as we move forward towards reaching our strategic goal in the medium term.”
