Sosandar’s losses narrowed sharply within the first half as the ladies’s trend model continued to promote extra merchandise at full value.
The retailer revealed pre-tax losses slumped by 51 per cent to £659,000 within the six months ending September, from round £1.3million in the identical interval final yr.
Since 2023, the Cheshire-based firm has been lowering promotional exercise exterior of main scheduled occasions as a part of its transition in the direction of changing into a multichannel enterprise.
Though this contributed to its turnover falling by 27 per cent to £16.2million within the newest half-year interval, the agency’s gross margins expanded by 6.8 proportion factors to 62.2 per cent.
Sosandar stated gross margins continued to rise throughout October and November, hitting a mean of 64 per cent, whereas buying and selling had been commensurate with annual forecasts.
For the yr to March 2025, the group anticipates reaching £40.5million in income and £1million in pre-tax earnings.
Full pricing: Womenswear retailer Sosandar has been lowering promotional exercise exterior of main scheduled occasions since final yr
Ali Corridor and Julie Lavington, joint chief executives of Sosandar, famous the group has loved ‘extraordinarily sturdy gross sales’ of occasionwear, knitted attire, and denim forward of the height Christmas season.
The enterprise additionally not too long ago opened a web site in Cardiff’s St David’s Centre, its fourth retailer after launching shops in Marlow, Chelmsford, and Gateshead’s Metrocentre earlier this yr.
‘Seeing the Sosandar model on excessive streets, and the response we now have acquired to this point, validates our choice to present our clients extra methods to buy with our model,’ stated Corridor and Lavington.
They added: ‘Trying forward, we stay extremely excited for what lies forward for Sosandar as we reap the benefits of the a number of alternatives out there to us, and we take the Sosandar model to extra clients throughout the UK and worldwide.’
Earlier this month, Sosandar struck a licensing settlement with clothes large Subsequent for a brand new homewares vary, which it anticipates will launch in autumn subsequent yr.
Underneath the deal, Subsequent will completely promote a set of Sosandar-branded equipment and lounge furnishings, equivalent to sofas, accent chairs, and lighting.
Corridor and Lavington stated it ‘exhibits the leverage and model fairness that we now have constructed and can permit us to broaden our attain into new audiences and allow present clients to deepen their affinity to our model’.
Following careers within the publishing trade, the pair based Sosandar in 2016 with a view to promote high-quality clothes to ‘fashion-conscious’ girls over 30 years outdated.
Among the many model’s movie star followers are tv presenters Susanna Reid, Christine Lampard, Lorraine Kelly and Britain’s Acquired Expertise choose Amanda Holden.
Sosandar shares had been 6.3 per cent up at 9.3p on late Tuesday afternoon, however have nonetheless shrunk by round 40 per cent because the yr began.
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