Yahoo Finance Sosandar doubles sales and cuts annual loss as record-breaking run continues
Sosandar, the fashion brand popular with a range of celebrities, has more than doubled its annual revenue in its latest set of full-year results reported profitable trading for every month in the second half of 2022.
The online retailer, popular with big-name fans including Holly Willoughby, Fearne Cotton and Coronation Street actors, more than doubled its annual revenue to almost £30 million in the year ended March 31. It reduced its loss for the period to £0.2 million, from £2.9m a year earlier.
The AIM-listed company said the results in a “milestone year” exceeded market expectations, which were upgraded in April. It also said it was consistently profitable for nine consecutive months into the first quarter of its current financial year, to which it made “a very strong start”, with revenue of £10.4m in the first quarter, a record.
Sosandar also sells through partnerships with M&S, Next and John Lewis and said trading there continued to be “strong”.
Ali Hall and Julie Lavington, co-chief executives, said Sosandar would “remain vigilant” to “inflationary pressures on consumer spending” and repeated its ambition to become “one of the largest womenswear brands globally.” It was founded in 2016 and floated on the London Stock Exchange in 2017.
Its shares rose over 4% to 19.3p in morning trade.
