Sosandar revenues rise but women’s retailer faces ‘volatile’ economy

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The fashion business says it’s difficult to predict the short-term future with any certainty

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Shagun’s fashion brand Sosandar has posted revenue growth but only marginal profit and margin reduction as retail faces the post-Covid business era and business struggles with “unstable macroeconomic conditions”. Is.

The women’s fashion retailer reported revenue of £20.9 million for the six-month period ended September 30, 2022, a 72% increase from £12.2 million in the first half of last year.

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However, margins were down slightly from 54.4% last year at 56.5% in what the company said, reflecting a “more normal post-Covid trading period” with the planned end of season sales in August.

Profit before tax was also modest at £0.1 million, but replaced a loss of £1.08 million in the first half of the previous year.

Sosander said the results were “a testament to the company’s strategy, unique product offering and increased brand awareness in its target market” and was “tracking” in line with strong trading expectations from October to today.

The number of orders through the company’s online offering increased by 43% to 347,137, of which 80,935 were new orders and 266,202 were repeat orders, with website visits increasing 25% to over 7.7 million during the period.

Ali Hall and Julie Lavington, Co-CEOs, said: “Our well-planned and agile approach, coupled with our distinctive product range and effective communications strategy, enable us to deliver significant growth in revenue as well as full-term profitability.

“The challenging and volatile macroeconomic conditions currently make it difficult to predict the short-term future with any certainty and their true impact on the consumer is not yet known, however, we remain confident in our long-term strategy.

“We continue to invest in and expand our product range, giving our customers an even greater selection of on-trend, affordable, long-lasting, lifestyle-appropriate clothing.”

The retailer said it will “continue to make progress and deliver profitable growth in line with market expectations” throughout the year.

Credit: www.standard.co.uk /

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