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Sosander posts 52% rise in revenue

Sosander shares (LON: SOS) opened 2.53% lower on Tuesday morning after the group released its half-year trading update.

For the six months ended 30 September, revenue surged 52% from £2.81m to £4.28m whilst gross profit grew by 48% to £2.24m.

Monthly sales for September to November increased by 115% compared to the average for the prior five months and the retailer said return rates dropped by 7%.

Ali Hall and Julie Lavington, Co-CEOs commented: “We are delighted to be reporting strong revenue growth and a significant improvement in EBITDA despite one of the most challenging periods ever for the retail industry. It is a real achievement and testament to the fantastic team we have built at Sosandar, that we have delivered increased sales, better cost efficiency, better engagement with customers, grown our database and quickly expanded our product range, whilst at the same time significantly reducing marketing spend.

“From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum. We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend.

“As one would expect, we are now selling a much wider range of casual and at-home product than before. However, the Sosandar customer has also not lost a taste for glamour, with sales of sequins, leather, fur coats and knee boots remaining strong.

“Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base. The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.”

Sosander shares (LON: SOS) are currently trading -5.82% at 18,60 (0903GMT).

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