Sosandar has registered a surge in sales and narrowed losses during its full-year results as it “continues to expand its product range” to fuel “future growth”.
The online fashion retailer’s sales rocketed 228% to £4.44m in the year ending March 31 as gross profits soared 268% to £2.44m up from £0.67m for the same period the previous year.
EBITDA loss reduced to £3.49m from a £6m loss in the comparable period in 2018.
Sosandar co-founder and chief executive Julie Lavington said the “exceptional growth” was down to expanding product range and investing in “highly effective customer acquisition” driving repeat purchases.
The pureplay’s active customers increased by 185% to 62,214 during the period.
The upmarket fashion etailer’s main priority is to expand its product range with a focus on knitwear, denim, footwear and leather to “give more choice to the customer”.
Lavington said: “Leather are high price points so it’s very good margin for the business going forward. They’re highly differentiated and it’s unusual for a retailer to have leather as a core area and it shows the affluence of our customers.”
Looking ahead, Lavington said this financial year has ”started strongly” and is in line with expectations.
“Repeat orders for [the first quarter] increased 122% year on year and has seen around 23% year on year revenue growth,” she said.
“With a clear growth plan, we are confident in the outlook for the year and very excited about Sosandar’s long-term prospects.”
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