LONDON (ShareCast) - (Sharecast News) - Online womenswear retailer Sosandar said on Tuesday that first-quarter losses had been "significantly reduced" as a result of its Covid-19 strategy shift.
Sosandar said the "resilient performance" seen in April and May had continued throughout June, with total first-quarter revenues increasing 54% year-on-year, demonstrating the "strength" of its business model and continued demand for its offering.

"This growth represents strong performance in a difficult trading environment, whilst noting that Q1 was the lowest revenue quarter in the prior year," Sosandar highlighted.

The AIM-listed group added that as a result of the growth in sales and a significant decrease in marketing spend, it had seen first-quarter losses reduce by roughly 70% year-on-year.

"The board believes there continues to be a very significant opportunity available to Sosandar and the company anticipates that, in line with the external environment improving, it will recommence controlled and careful new customer acquisition towards the end of Q2 and beyond."

Cash at hand as of 30 June remained "broadly flat" at £4.4m.

As of 0935 BST, Sosandar shares had surged 21.74% to 12.60p.

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