Fashion retailer Sosandar has posted a record golden quarter 23% increase in revenue year on year to £14.3m, up from £11.6m in the previous year.

2304_68_S22OW007PK0003_S23BW117PK0003_68_002

Sosandar plans to open its first UK bricks-and-mortar store by spring 2024

Sosandar posted a 23% increase in revenue year on year to reach £14.3m for the three months to December 31, 2023, up from £11.6m in the previous year.

Gross margin for the period was also up from 56.8% in the same period last year to reach 58.3%, which the fashion retailer said reflects its “planned reduction in certain price promotional activity.”

The retailer noted a “strong performance” in October and November, which continued into December, with “all channels continuing to perform well” during the peak trading period.

Sosandar said in a statement that it expects to open its first standalone store in the UK by the spring and hopes to continue driving sales through its website and app.

It also plans to “further enhance its relationship with third-party partners” and continue with its international expansion strategy following its successful launch in Australia and Canada.

£100m revenue goal

In terms of outlook, the fashion retailer said it continues to trade “in line with market expectations” and anticipates current momentum to be “sustained” in the final quarter of the year.

Sosandar added that its performance for the full year so far has served to “validate the management strategy” to take the brand to more customers globally, as it works towards its goal of achieving revenue of more than £100m and a pre-tax profit margin of “at least 10% in the medium term.”

The fashion retailer said in a statement: “This performance and continued demand demonstrates the strength of the Sosandar brand and its unique product range in the key trading period before Christmas.

“In the lead up to Christmas, the company saw extremely strong sales across all categories with party wear, dresses, tailoring, knitwear and smart trousers being the standout items.”