Up-to-date coverage of the latest events in UK retail.
Sosandar revenues soar
Sosandar’s revenues soared by 228% despite the fact it still failed to make a profit.
The pureplay women’s retailer said that it managed to reduce its EBITDA loss to £3.49m for the 52 weeks to the end of March 2019, down from £6m the previous year.
Revenues for the retailer rose to £4.44m, while gross profit grew 268% to £2.44m.
Co-chief executives Alie Hall and Julie Lavington said: “We are delighted to be reporting a year of exceptional growth along with significant operational progress. We have expanded our product range and invested in highly effective customer acquisition, which together are driving ever-growing repeat rates. We continue to inspire and excite our customers and once we recruit customers, they are proving to be incredibly loyal and highly engaged with the brand, which will fuel future growth for the business.”
JD Sports like for likes continue to grow
JD Sports chief executive Peter Cowgill is set to tell the retailer’s AGM it has “continued to achieve encouraging like-for-like sales growth” across its fascias today.
In a note issued this morning on the London Stock Exchange, JD Sports said it had also opened 29 new net stores in the period to June 29, 2019 – 18 of which have been opened in Europe and a further five in Malaysia and Australia.
Cowgill is expected to say “the board remains confident that the group continues to be on track to deliver headline profit before tax for the full year at least equal to current consensus market expectations”, ahead of its interim results announcement in August.