Sosandar increases Q1 revenue by 54%
Women’s fashion retailer Sosandar increased its revenue by 54% in its first quarter despite a difficult trading environment during the Covid-19 pandemic.
When combined with a significantly lower marketing spend, the growth meant the retailer reduced its losses by around 70% in the three months to 30 June compared to the same period last year.
Sosandar said the quarter’s performance was driven by a shift in strategy due to the Covid-19 pandemic. This has included diversifying product ranges in line with customer demand and introducing more denim, linen and casual summer dress lines.
The company also saw a 24% increase in new customers over the quarter following the implementation of a refreshed marketing strategy with a focus on more frequent and relevant communications.
In a statement, the company said: “The board believes there continues to be a very significant opportunity available to Sosandar and the company anticipates that, in line with the external environment improving, it will recommence controlled and careful new customer acquisition towards the end of Q2 and beyond.
“Whilst the company remains prudent in its approach to discretional spend, carefully monitoring KPIs and cash management, it expects to cautiously increase marketing spend and investment in new products going forward in order to accelerate top line growth.”
