(Alliance News) - Sosandar PLC on Tuesday reported an improved annual outturn, and the women's fashion retailer has started the new financial year in confident fashion.
Sosandar's revenue in the financial year that ended March 31 more than doubled to GBP29.5 million from GBP12.2 million. Its pretax loss narrowed to GBP554,000 from GBP3.1 million.
The Cheshire, England-based firm said it was profitable in the second half of the year. This momentum continued in the first quarter of the new year.
"FY22 was a milestone year for the group as it delivered an exceptionally strong financial performance, exceeding market expectations that were upgraded in April 2022, with nine consecutive months of profitability now delivered," Sosandar said.
"Alongside this, significant strategic progress has been made resulting in strong growth both on its own site and through third parties with the increased diversity of product mix resonating with customers."
Total orders surged 84% to 508,000, while active customers rose 65% to 223,000.
In the first quarter of financial 2023, revenue jumped 81% year-on-year GBP10.4 million, a record.
"The current financial year has started strongly and we are trading in line with our expectations for full year growth. As we are well practised at, we will continue to manage the business carefully, building our partnerships and growing our existing customer base whilst remaining cognisant of the external environment," Sosandar said.
"Consumers are becoming ever more selective about where they spend and also more demanding of those brands with which they spend. We are confident that Sosandar will continue to benefit from this shift in behaviour as our fashion forward, high quality, responsible value proposition clearly differentiates us from the rest of the sector."
Sosandar shares were 4.5% higher at 19.34 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Sosandar (SOS)