Sosandar reports 63% leap in Q4 sales
Sosandar, the online women's fashion brand, reported a 63% leap in sales in Q4 reaching £3.94m.
In a trading update, the AIM-listed business said it expected to report sales of £12.2m, up 35% year on year, with the EBITDA loss reduced by over 60% in the year to the end of March 2021.
Sosandar said that customer activity had stepped up each month during the final quarter with record revenue delivered in the month of March, up 66% compared to January and 163% up on the lockdown-impacted prior year.
Highlights for the year to March included a 29% increase in the number of orders to 276,000, repeat orders increased 40% to 190,000 and an increase in conversion rate increased to 3.1% from 2.7%.
As well as selling via its own online channel, Sosandar is sold through Next and John Lewis and recently joined the Marks & Spencer third-party brand line-up, and said initial sales via M&S had been "excellent".
The brand targets women who have grown out of fast-fashion retailers but who still want to buy trend-led clothing. It said it had been able to pivot its offer to respond to the change in demand due to the pandemic and that loungewear, knitwear, denim and outerwear have all performed particularly well. In January 2021 the company launched active and leisure wear, with strong sales results.
As lockdown restrictions are loosened it said it was seeing strong sales of denim and colourful dresses and tops.
Ali Hall and Julie Lavington, Co-CEOs commented: "In what has been a year that no one could have possibly predicted, we are delighted to have shown resilience and our entrepreneurial spirit, overcoming challenges to deliver a significant improvement in revenue and reduction in EBITDA losses, together with the further diversification of our product range.
"The progress we are making reflects the scale of our opportunity and growing demand for our unique offering in the market. The recent purchasing trends that we have seen from our customers point to a period of increased activity and we believe that our extensive product range can cater to their needs.
"We would like to take this opportunity to extend our sincere thanks to all our colleagues, partners, and suppliers for their hard work and commitment throughout what has been a difficult time for everyone.
"Inevitably, some uncertainty remains, however, we are seeing a gradual return to more normalised trading conditions and now have much greater visibility over forward trading. We are confident in what the future holds, and believe that Sosandar is well positioned to take advantage of the opportunities ahead of us."
Sosandar was founded by former fashion publishing executives Hall and Lavington in September 2016.