Sosandar revenues up 23% in record quarter of trading

Sosandar has welcomed a record quarter of trading over the festive period, with revenues soaring 23% to £14.3m in the three months ended 31 December 2023.

Over the quarter, a strong performance was seen in October and November and this carried on into December, with all channels “continuing to perform well”.

It comes as the company saw “extremely strong” sales across all categories in the lead up to Christmas, with party wear, dresses, tailoring, knitwear and smart trousers named as “standout items”.

The group’s gross margin also rose from 56.8% to 58.3% over the three months, which reflected a planned reduction in price promotional activity.

Looking ahead, Sosandar said it expects to have opened its first identified store in the UK this Spring. In addition, the company also plans to drive sales through its own site and app, further enhance relationships with third-party partners and further develop its international strategy, after successful launches in Australia and Canada.

The group also noted it continues to trade in line with market expectations for the current financial year, where full-year revenue is expected to be £46.8m, with a profit-before-tax of £0.1m.

In its latest update, the company said: “The group’s performance in FY24 so far has served to validate management’s strategy to take the Sosandar brand to more customers across the UK and worldwide. This is moving the business towards reaching its strategic goal of delivering £100m+ revenues and a pre-tax profit margin of at least 10% in the medium term.”