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Sosandar has revealed it expects its full-year profits to be no less than £500k for the year ended 31 March 2025, up from the £0.3m loss it posted in FY24, but lower than its original expectation of £1m.
The retailer posted revenues of £37.2m, down from £46.3m in the previous year, reflecting its continued transition away from price promotional activity.
The company’s revenues in the first half of the year also fell to £16.2m, down from £22.2m, as the group continued to transition away from price promotional activity outside the major scheduled sale events.
Despite softer trading the company believes it is now at an “inflection point” and expects to return to sales growth in the upcoming year.
Furthermore, it opened the first six stores in FY25 as it transitioned to becoming a full-price multi-channel retailer and noted that 60% of purchases in stores were made by new customers.
Sosandar said in a statement: “Throughout FY25 we remained steadfast in our approach in building the foundations for sustainable, profitable and cash-generative growth. We are now beginning to see the results of our disciplined approach coming through in our performance. March sales were in line with the prior year and this momentum has continued into April to date, with both own site sales and sales as a whole ahead of the prior year.”
