Sosandar FY losses narrow as revenue grows
By Michele Maatouk
Date: Tuesday 20 Jul 2021
(Sharecast News) - Online womenswear retailer Sosandar posted a narrowing of its full-year losses on Tuesday as revenues rose, thanks in part to an expanded product range.
In the year to 31 March 2021, EBITDA losses narrowed to £2.92m from £7.76m a year earlier, with revenue was up 35% to £12.16m. Sosandar said the revenue growth represents "a strong performance in a volatile trading environment", driven by the success of its expanded product range, strong growth on its own website and launches with John Lewis and Next in August, and Marks and Spencer in March.
New styles were up 60% in the year, with new categories of loungewear, active and leisure wear launched and now a "key part" of the product range.
The total number of orders rose 29% to 276,008, while repeat orders increased 40% to 189,703 and average order frequency improved 23% to 2.08.
Sosandar also gave an update on first-quarter trading, which saw revenue grow 256% compared to the first quarter of last year, when lockdown was in place, to £5.7m. The company pointed to an increase in sales across all key categories, with both casual and going out styles selling "very quickly".
Co-chief executives Ali Hall and Julie Lavington said: "We are delighted to report a year of very strong growth and performance alongside considerable operational progress. We have continued to expand and further diversify our product range, using targeted spending to maximise return on investment and demonstrated strong cash retention, resulting in a significant growth in revenue and reduction in EBITDA losses.
"Whilst there is wider uncertainty around the ongoing effects of the pandemic, we are incredibly optimistic about what the future holds for Sosandar. Following the fundraise in May, we now have the financial flexibility to allow us to accelerate growth with third parties. Alongside this, we delivered a record first quarter of trading in Q1 FY22 with strong sales in colourful dresses, tops and denim as our customers prepare for the summer months."
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