Sosandar, the popular U.K. online women’s fashion brand, announced impressive financial results for the first quarter of fiscal 2024. The company reported that its revenue rose to £11.4 million ($14.7 million) for the quarter ended June 30, representing a notable 10% increase from the previous year. This growth can be attributed to the brand’s successful performance on its own website as well as through various third-party partners.
The significant revenue growth during this period aligns with the full-year market expectations for Sosandar. The company anticipates achieving a pretax profit of £2.8 million and generating revenue of £57.0 million by the end of the fiscal year. The growth drivers for the company have been the summer occasion wear and beach and swim ranges, which have resonated well with customers.
Despite the positive performance, Sosandar remains vigilant regarding external challenges, such as inflationary pressures impacting consumer spending. However, the Co-Chief Executive Officers, Ali Hall and Julie Lavington, expressed confidence in Sosandar’s ability to navigate these challenges due to its agile approach and deep understanding of its customer base.
Looking back at fiscal 2023, the company achieved significant milestones. Sosandar successfully turned around its financial performance from a loss of £554,000 in fiscal 2022 to a pretax profit of £1.6 million. Revenue for the same period amounted to £42.45 million, demonstrating an impressive year-on-year increase of 44% from £29.5 million.
This exceptional performance in fiscal 2023 was driven by a record-breaking third quarter and a remarkable 22% increase in full-year orders, totaling 620,977. Additionally, the average order value rose by 8% to reach £97.27.
Sosandar’s ability to consistently deliver strong results reflects its commitment to providing high-quality fashion choices for women in the online space. As Sosandar continues to grow and adapt to market challenges, the brand’s success looks promising for the future.
