Fashion brand Sosandar PLC has released its financial results for the six months ended 30 September 2023a and reported a pre-tax loss of £1.3m, which it attributed to a planned reduction in price promotional activity.
The retailer also shared an update on its autumn trading, which it says has ‘been strong’ and is ‘in line with full year market expectations’.
Ali Hall and Julie Lavington, Co-CEOs commented:
“Over the past six months, we have made significant steps on our journey to become a multi-channel retailer whilst also expanding the reach of the Sosandar brand. We are delighted to have launched new partnerships with Sainsbury’s and Freemans, signed our first agreements with two large prestigious international third-party partners and announced that we intend to open our first own stores in Spring 2024.
“Our product remains the key driver of our success and keeps our customers returning to us for their wardrobe needs. Throughout the period, we saw growth across all product ranges with particular success in our summer occasion wear and beach and swim ranges over the summer. In the lead up to Christmas we have seen extremely strong sales across all categories with party wear, dresses, tailoring, knitwear and smart trousers being standout items.
“Trading in the second half of the financial year to date has been encouraging, in line with full year market expectations, with November a record month of trading. This strong performance has been delivered across all our channels.
“Looking ahead, we believe that the future is very bright as we take the Sosandar brand to more customers across the UK and worldwide and move further towards reaching our strategic goal of delivering £100m+ revenues and a pre-tax profit margin of at least 10% in the medium term.”
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