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Sosandar hails "extremely strong" pre-Christmas sales as revenue grows

10th Jan 2024 11:54

(Alliance News) - Sosandar PLC on Wednesday announced third financial quarter revenue and gross margin growth, citing sound trading in the lead up to Christmas.

The Cheshire, England-based online women's fashion brand said that revenue climbed 23% to GBP14.3 million in the third financial quarter to December 31, from GBP11.6 million a year before.

Further, gross margins improved to 58.3% from 56.8%, while like-for-like gross margin, excluding the increase of wholesale, came in at 60.7% compared to 57.3%.

"The material improvement in gross margin reflects the planned reduction in certain price promotional activity and continues to validate our multi-channel strategy. In spring 2024, the company expects to have opened its first identified store in the UK. In addition, the company will continue to drive sales through its own site and app, further enhance its relationships with third-party partners and continue to further develop its international strategy, after successful launches in Australia and Canada," the company said.

Further, Sosandar expects to trade in line with market expectations, citing anticipated revenue of GBP46.8 million for financial 2024 ending March 31, up 10% from GBP42.5 million in financial 2023, and pretax profit of GBP100,000, a sharp fall from GBP1.6 million.

Sosandar shares rose 2.4% to 15.11 pence each on late Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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