Revenues rise at Sosandar following “record” quarter

Sosandar
Julie Lavington and Ali Hall

Sosander has posted a 6% rise in sales to £3.98m and a continued reduction in EBITDA loss in the three months to 31 December 2020.

The “record” quarter was underpinned by the successful expansion of Sosandar’s product range throughout the year, with loungerwear, knitwear, denim and outerwear all trading “particularly well”, the etailer said.

Quarterly underlying losses fell by 60% compared to the same period in the prior year, as Sosandar pivoted from a customer acquisition strategy between September and November to the preservation of cash and slashed marketing spend, leading it to finish the quarter with net a cash balance of £3.90m.

“Strong sales” were seen with John Lewis and Next during the quarter, with December being the highest month to date – reflecting continued expansion of the product range, Sosandar said.

Returns in the quarter also reduced to 46% from 49% in 2019

The company was now “well placed to successfully navigate the next few months,” with a focus on engaging existing customers while the current lockdown measures endure and a capsule range of activewear launched earlier this month was already showing “promising early results,” it said. 

Co-chief executive officers Ali Hall and Julie Lavington said: “We are extremely pleased to report another period of record performance, particularly given the significantly reduced marketing spend and extremely strong comparatives achieved in the prior year.  

“It is testament to the relevance and quality of our product that we have been able to deliver such a performance without the seasonal strong sales of party dresses, and shows our ability to understand and cater to our customers’ needs.

“The agile nature of our business has enabled us to adapt quickly to the challenges and uncertainties within the retail sector.  

“The resilience that the business has shown both operationally and financially demonstrates the strength of our business model and relevance of our products and customer engagement across a large end market.

“Whilst the external environment continues to be uncertain, the scale of our opportunity has not changed, and the results we have delivered reaffirm our belief that there is significant further demand for our products within our target market.”

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