Sosandar swings to profit 'despite challenging macroeconomic conditions'

The fashion retailer posted a profit before tax of £1.6m, a £2.2m increase from the £0.6m loss the business reported last year marking its first full year of profitability.

Revenue saw a growth of 44% to £42.5m as compared to £29.5m reported in 2022 while gross margin remained at 56.1%. 

Total orders increased by 22% to 621k and active customers on the website increased by 19% to 265k.

The fashion retailer reported a 10% increase in sales to £11.4m in the first quarter of the current financial year and added that current trading was ”in line with market expectations reflecting strong performance on both own site and through third-party partners”.

Ali Hall and Julie Lavington, co-chief executives, Sosandar said: “We are delighted to report on what has been a transformational year for Sosandar. Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners. The sustained growth in revenue and profitability throughout the period is testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base. Our success to date would not be possible without the commitment and dedication of our team and we would like to take this opportunity to extend our appreciation to all of our staff for their hard work during the year.

“As Sosandar continues to grow, we remain committed to investing in our product range to offer our customers an ever-growing variety of on-trend, affordable, long-lasting, lifestyle-appropriate clothes. We are delighted to report that demand for our fast-tracked product range has continued to increase with knitwear, formal tailoring, coats, partywear, summer occasion wear and swim and beach wear all performing particularly well during the year.”