Online womens retailer Sosandar has report has reported a boost in revenues, despite “challenging and volatile macroeconomic” conditions.
For the six month period ended 30 September 2022, the online fashion retailer recorded net revenues of £20.9 million, a 72% increase against £12.2 million the first half of last year.
However, gross margins were down slightly at 54.4% compared to 56.5% the previous year, which Sosandar said was a reflection of a “more normal post Covid trading period” with a planned end of season sale in August
Pre-tax profit sat at £0.1 million compared with a £1.08 million loss in the same period last year.
For the latest Sosandar news, subscribe to the free daily Charged newsletter
Sosandar also reported a 43% rise in online orders to 347,137, of which 80,935 were new orders and 266,202 were from repeat customers.
Website visits also increased by 25% to over £7.7 million.
“Our well-planned and agile approach, together with our distinctive product range and effective communication strategy, has enabled us to deliver a significant increase in revenue, as well as a full period of profitability,” Sosandar’s co-CEOs Ali Hall and Julie Lavington said.
“This momentum has continued into the early weeks of the second half, with strong trading in October to date and tracking in line with our expectations.
“The challenging and volatile macroeconomic conditions currently make the short-term future difficult to predict with any certainty and their true impact on the consumer is not yet known, however, we remain confident in our long-term strategy.”
The news comes as the online retailer also announced e it has launched a new partnership with N Brown Group’s JD Williams on a wholesale agreement basis which commenced in September 2022.
Selling Sosandar products through JD Williams will further increase the brand’s reach and deliver profitable growth, the company said.
