(Sharecast News) - Fashion brand Sosandar traded in line with expectations over the six months ended 30 September, with revenues up more than 70% year-on-year.
Sosandar stated trading throughout the first half was "strong", with net revenues rising 72% to £20.9m and pre-tax profits coming to £100,000 - a marked improvement when measured against the prior year's £1.08m pre-tax loss in the first half and its second six-month period of positive pre-tax profits.
Gross margins contracted to 54.4% from 56.5%, reflecting what Sosandar called "a more normal post-Covid trading period".
"This performance, set against a challenging macroeconomic backdrop, illustrates that Sosandar has a proven, agile model and continues to execute successfully in line with its stated strategy," said Sosandar.
The AIM-listed group said October trading had "started well", both on its own site and with its third-party partners, and stated it had taken steps to increase levels of inventory ahead of the Autumn/Winter season.
"In the current environment, the company expects consumers to become more selective about where they spend and also more demanding of those brands with which they spend. However, Sosandar is confident that the company will continue to benefit from its unique product offering and brand proposition that clearly differentiates it from the rest of the sector. As such, the company is confident of continuing to make market share gains."
As of 1030 BST, Sosandar shares were up 10.60% at 15.76p.
Reporting by Iain Gilbert at Sharecast.com
Sosandar (SOS)