Sosandar swings to FY profit as revenues rise 44%
Following a record Q3, January and February trading was in line with expectations, and through March, it saw increased demand with sales for the month up by 32% year-on-year
Sosandar is set to welcome its first full-year of profitability in what it called a “milestone” year for the group, expecting profits of at least £1.6m, a “substantial” positive swing of £2.2m from the £0.6m loss in FY22.
It comes as revenues rose by 44% to £42.5m in the year ended 31 March 2023. In addition, the number of online orders increased by 22% to 620,977, and the number of active customers increased by 19% to 264,832.
Following a record Q3, January and February trading was in line with expectations, and through March, it saw increased demand with sales for the month up by 32% year-on-year.
It comes as the group has continued to invest in and expand its product range, noting a strong demand for its summer occasion wear as well as beach and swimwear.
In addition, its performance with selected third-party partners has “continued to go from strength to strength”, with the group also securing a new partnership with Sainsbury’s, a move which has “elevated our strategy from pureplay to an omnichannel brand”.
Ali Hall and Julie Lavington, co-CEOs, said: “We are delighted to be reporting a milestone year. Sosandar has grown from a true start-up business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable. This growth has been delivered against a backdrop of highly challenging macro-economic conditions and our sustained performance against this backdrop is testament to how well our product resonates with our customers.
“We are incredibly proud to have Sosandar clothes now being sold in the UK’s biggest retailers, and we have now built the infrastructure to start serving our target customers internationally. We would like to thank all of our team for their hard work and dedication, this performance wouldn’t have been possible without them.”
They added: “While the macro-economic environment remains challenging, and we remain highly vigilant, we continue to demonstrate that our differentiated model is capable of achieving sustained profitable growth. We remain confident in the long-term opportunity for Sosandar, as reflected in Q4 FY23 in the acceleration of our investment in the next stage of our development.
“We see a number of opportunities for further growth both on our own site and through our third party partners in the coming months and beyond as we continue to move forward with our objective to make Sosandar one of the largest womenswear brands globally.”
