Sosandar swings to H1 profit
By Iain Gilbert
Date: Tuesday 13 Dec 2022
(Sharecast News) - Online clothing retailer Sosandar said on Tuesday that it had swung to a profit in the six months ended 30 September and added that its full-year earnings looked set to meet market expectations.
Sosandar said interim revenues had risen 72% year-on-year to £21.0m, while pre-tax profits came to £100,000 - up from the group's first-half loss of £1.1m a year earlier.
The XXXX-listed group stated that gross margins had contracted slightly from 56.5% to 54.4%, signifying "a more normal post-Covid trading period", including a planned end-of-season sale in August.
Net cash fell from £7.0m to £4.2m due to the planned earlier delivery of autumn stock to facilitate deliveries to third-party partners.
Sosandar also highlighted that recent momentum had continued into the second half of the financial year, with record sales months in October and November, trading in line with market expectations for the full financial year.
Products across all categories were said to be "selling well", with fast-tracked categories including partywear, knitwear, and outerwear "particularly strong".
As of 0900 GMT, Sosandar shares were down 3.78% at 21.65p.
Reporting by Iain Gilbert at Sharecast.com
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