(Alliance News) - Sosandar PLC on Tuesday reported a first half earnings improvement, with the womenswear retailer also achieving a record month of trading in October.
In the six months ended September 30, Sosandar's revenue climbed 52% to GBP4.3 million from GBP2.8 million a year earlier. Its pretax loss narrowed to GBP1.1 million from GBP2.8 million.
Its loss before interest, tax, depreciation and amortisation slimmed to GBP1.0 million from GBP2.7 million in the year prior.
"We are delighted to be reporting strong revenue growth and a significant improvement in Ebitda despite one of the most challenging periods ever for the retail industry. It is a real achievement and testament to the fantastic team we have built at Sosandar, that we have delivered increased sales, better cost efficiency, better engagement with customers, grown our database and quickly expanded our product range, whilst at the same time significantly reducing marketing spend," Co-Chief Executive Officers Ali Hall and Julie Lavington said.
"From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum. We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend."
Over the autumn period, the three months stated September, revenue was 17% higher year-on-year, boosted by both a best-ever month of revenue in October and a daily revenue record netted in November.
"As one would expect, we are now selling a much wider range of casual and at-home product than before. However, the Sosandar customer has also not lost a taste for glamour, with sales of sequins, leather, fur coats and knee boots remaining strong," Hall and Lavington added.
"Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base."
Sosandar shares were 6.8% lower at 18.42 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Sosandar (SOS)