Sosandar's growth continues with “strong performance across all channels”

Wilmslow-based womenswear etailer, Sosandar, has reported a record quarter with revenues skyrocketing by 23% year-on-year to £14.3 million.

During the three months, ending 31 December 2023, the company saw a strong performance across all channels.

Key trading updates are as follows:

• Gross margin was up by 58.3% vs 56.8% the prior year
• Like-for-like gross margin, which excludes the increase of wholesale, was up by 60.7% compared to 57.3% the prior year
• Net cash stood at £7.7 million (£7.3 million at 30 November 2023)

The company, which reported its first year of profit in July 2023,  saw an improved gross margin thanks to its promotional activity and multi-channel strategy.

In Spring 2024, the company is set to open its first brick-and-mortar store in the UK in a bid to push the business further towards reaching its goal of becoming one of the world's largest womenswear brands globally.

In addition, Sosandar will continue to drive sales through its website and app, further enhancing its relationships with third-party partners including NEXT, Marks & Spencer, Sainsbury's and Freemans. It will also continue its international expansion after successfully launching in Australia and Canada.

In the lead-up to Christmas, during the key trading period, the retailer saw "extremely strong sales" across all categories. In particular, partywear, dresses, tailoring, knitwear and smart trousers were standout items.

The group's performance in fiscal year 2024 has validated its management's strategy to take the Sosandar brand to more customers across the UK and worldwide. The business has set itself a goal of delivering £100 million+ revenues and a pre-tax profit margin of at least 10% in the medium term.

With this announcement, there have been no changes to Sosandar's market expectations for the current financial year.  For the year ending 31 March 2024, it expects revenues of £46.8 million and PBT of £0.1 million.

To continue this growth, the company named Emily Frazer, formerly of Karen Millen and Coast, as its new Creative Director in December 2023.