Sosandar has hailed “milestone” results delivering its first full year of profitability, despite “the challenging macroeconomic conditions”.
In the year ended 31 March 2023, the online fashion retailer reported profit before tax of £1.6 million, which it claimed is a £2.2 million positive swing compared with the previous year’s £600,000 loss.
Revenues soared by 44% to £42.5 million, compared with £29.5 million in the same period last year.
According to the retailer, it continued to deliver “increasing levels of customer engagement” on its website with total orders increasing by 22% to 621,000 and active users reaching 265,000, an increase of 19%.
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It added that trading with its “now well established” third-party partners including Next and Marks and Spencer has been extremely strong with a record quarter for the group delivered through third parties in Q3 FY23 followed by a strong Q4.
Sosandar also attributed a successful launch with supermarket giant Sainsbury’s to its profitability and revealed it is currently in line with expectations and the in-store rollout of our curated collection is on track for launch in September 2023.
“We are delighted to report on what has been a transformational year for Sosandar,” co-CEOs Ali Hall and Julie Lavington said.
“Despite the challenging macroeconomic backdrop, we have seen increasing demand for our products across all categories with strong trading across both Sosandar.com and through our third-party partners.”
They added: “The sustained growth in revenue and profitability throughout the period is a testament to our ability to deliver a unique quality product offering and highly effective marketing strategy, that resonates with our customer base.
“Our success to date would not be possible without the commitment and dedication of our team and we would like to take this opportunity to extend our appreciation to all of our staff for their hard work during the year.”
The company added that it has seen a strong start to Q1 FY2024 with revenue of £11.4 million, up 10% against a strong prior year comparator, revealing plans for a mobile app for the retailer, kicking off its omnichannel approach.
According to the retailer, the new mobile app is currently in user testing and is expected to launch in Q2 FY24.
It added that it also signed a third-party wholesale partnership with Freemans, part of the Otto Group, which will kick off in September this year.
Sosandar features as a Top500 retailer in the 2022: UK Growth 2000 report. The Growth 2000 performance index benchmarks the retailcraft of the largest 2000 retailers in the UK outside of the Top500, measuring the areas of Search, Mobile, Delivery, and Social.