Sosandar reports record Q3 revenues

Sosandar has hailed a “record” Q3 with revenues up 22% year-on-year, its first EBITDA positive quarter and trading in line with the recently upgraded market expectations.

For the three-month period ending 31 December 2021, revenues increased to £8.85m as its active customers increased by 62% year-on-year to 213,715.

The retailers said the performance comes following record trading with third parties M&S, Next and John Lewis, following “significant investment” in stock depth and breadth.

It also revealed strong gross margin at 55.8%, up from 43.6% in Q3 FY21 and net cash of £7.4m as at 31 December 2021.

Ali Hall and Julie Lavington, co-CEOs, said: “We are delighted to report a record quarter for Sosandar, with each month being EBITDA positive. Our expanded product range and effective communication with our customers, in line with our strategy, has been a key driver of the growth we have delivered. The strength of our trading, together with the impact of our increased scale, is leading us towards sustainable profitability.

“We continue to trade very well, with our expanded product range and innate agility enabling us to tailor our offering to customer demand. We remain vigilant to the external challenges, however, we have not experienced any material disruption at this time and believe our approach continues to position us well going forward.”

They added: “We are more confident than ever that Sosandar is well on the road to becoming the go-to one stop shop for fashion forward women.”