Sosandar revenues soar 142% in ‘milestone year’
Online women’s fashion brand Sosandar has hailed a ‘milestone year’ after record revenues exceeded management expectations.
The Cheshire-headquartered retailer delivered ‘an exceptionally strong financial performance’ with revenues for the year to 31 March 2022, up 142% to £29.5m, up from £12.2m in the previous year.
EBITDA narrowed from a £2.9m loss last year to £200,000 loss.
The company’s loss before tax improved to £600,000 from a £3.1m loss with every month in the second half of the year being profitable.
Sosander said one of the driving factors for its growth has been investment into its inventory as it put more stock into its third-party partners and offered greater range on its own site.
Ali Hall and Julie Lavington, Co-CEOs, said: “Looking ahead, we are excited for the next stage of our growth.
“Our winning formula is evident in our results and over the next year we will focus on expanding our product range and continuing to drive growth through our own site and third parties.
“Return rates are in line with our expectations across the product range and our costs continue to be carefully managed. We continue to expand and diversify our supplier base to support our growth expectations whilst further mitigating risk.
“As we have done over the past two years, we will continue to use our agility and detailed planning to manage the business effectively, as we move forward on our journey to becoming one of the largest womenswear brands globally.”