Sosandar sees revenues spike 62% as it announces John Lewis and Next deals
Online womenswear retailer Sosandar has revealed it has seen revenues spike 62% year-on-year over the past two months since lockdown began.
In a Covid-19 trading update Sosandar said it has “responded well to a period of significant disruption and uncertainty”. Adding that as an online-only business, it has been able to react “quickly, maintain service throughout and deliver continued revenue growth” in the first two months of the current financial year (1 April to 31 May).
During the period, it revealed it has experienced order growth of 44% year-on-year as well as New customer acquisitions surging 15% year on year.
It also revealed that it has reached agreements with John Lewis and Next to go live on their online platforms from Autumn/Winter 2020
It added that the results have been achieved against an industry backdrop where the online clothing market was down 24% in April and indications are that May also saw a year on year decline.
Sosander also said its cash levels at 31 March 2020, was £5.2m, which had reduced to £4.4m at the end of April as the creditor position from committed spend in March unwound. Cash at the end of May remained flat at £4.4m.
Despite the improved trading, Sosandar said due to high discounting and the high level of returns on sales prior to lockdown it expects to report a net loss for the year slightly higher than the previously announced £6.8m.
