Sosandar is set to achieve record sales in what it dubbed a “milestone year” for the retailer, as it expects to report revenue in excess of £29m, up 138% year-on-year.
Meanwhile, EBITDA loss will be reduced by over 80% from a loss of £2.92m in FY21, following six consecutive EBITDA positive months in the second half of FY22.
The group welcomed a “record performance” in Q3 FY22, and delivered its second consecutive EBITDA positive quarter in Q4 FY22, with “very strong trading” across all channels. As a result of this, both revenue and EBITDA will be ahead of recently upgraded market expectations.
In addition, the group confirmed that over the period the number of orders increased 84%, repeat orders increased 93%, the average order frequency increased by 10% and the average order value was £90.39, up 9% against the year prior.
“We successfully executed our strategy across our own site and third parties, building momentum in H2 and ultimately delivering our first six months of profitability which is a pivotal moment for us all. This outstanding performance means we now anticipate FY22 results to be ahead of current market expectations.”
They added: “Our success is testament to what we have achieved as a business to date, further endorsing the strong and ever-growing appeal and quality of the Sosandar brand. We are also incredibly proud Sosandar is capturing the hearts of fashion-forward women and are delighted to add The Very Group to our family of partners.
“Despite the continuing uncertainty in the wider environment, our confidence in the outlook for Sosandar is undiminished and, reflecting our trading momentum, we plan to further accelerate our growth in the new financial year and beyond.”