Multichannel womenswear business Sosandar has seen revenues rise to £46.3 million for the year to March 31st, ’24, according to its latest trading update. It expects to report a marginal loss of £0.2m when it reports for the year.
The retailer is poised to open the first of its planned stores later this year and has advised that it will take a disciplined approach to finalising locations and rents. Its primary goal is to showcase the brand with a fantastic in-store experience.
Ali Hall and Julie Lavington, joint CEOs, said: “We have delivered a robust financial performance for FY24, delivering a profitable second half, accelerating revenue growth whilst at the same time growing our margin and generating cash. This performance has been achieved against one of the most challenging backdrops our industry has experienced and is a testament to how our customers feel about our on-trend, affordable, long-lasting, lifestyle-appropriate clothes.
“We enter the new financial year well placed, with a strong cash position in order to execute the next stage of our growth strategy. April trading has been strong, with continued improvement in profitability driven, in particular, by gross margin. We fully expect that we will deliver more milestones in FY25 as we open our first physical retail stores and continue to take the Sosandar brand to more customers across the UK and worldwide.”
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