Sosandar said it is close to having halved its interim losses for its first half which ended on September 30. It reported a £700,000 pre-tax loss, as compared to the £1.3m pre-tax loss the previous year. This, it says, came as a result of cutting down promotional activity which helped to improve margins.
Revenues, however, fell to £16.2m for the H1 as compared with £22.2m. The business says that trading for October (current month) across all channels has started strongly, with revenue ahead of last year but that its FY25 revenue expectations have been reduced to £40m, leaving pre-tax profit expectations unchanged.
Ali Hall and Julie Lavington, co-CEOs said: “The opening of our first three own stores marks a key point in the company’s development, as we move towards becoming a true multichannel retailer.
“We have hit the ground running with strong footfall, conversion, and have also seen a demonstrable uplift in traffic to our website in the areas where our stores are located.”
The business will shortly open a further store, this time choosing St David’s Centre in Cardiff.
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