Online women’s fashion brand Sosandar announced on Monday that it is on course to deliver a full-year profit, thanks to strong performance during the crucial Christmas trading period.
The company reported Q3 revenues of £12.2 million, a slight decline from £14.3 million in the same period last year. However, this figure is 50% higher than the performances in Q1 and Q2.
Sosandar also saw an improvement in gross margins, which rose from 58.3% to 64.7% year-on-year. This was attributed to a reduction in promotional spending, leading to a positive shift in pre-tax profit.
Net cash increased from £7.0 million to £8.2 million, providing the company with the ability to fund its planned store rollout, among other initiatives. Additionally, Sosandar has secured two new store leases in Bath and Harrogate.
The company confirmed that it remains on track to meet market expectations for a pre-tax profit of £1.0 million for the full year, a significant turnaround from the previous year’s £300,000 loss, despite operating in a challenging macro-environment.
At 0925 GMT, Sosandar’s shares had risen by 12.0% to 7.0p.
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