Cheshire online fashion retailer Sosandar has reported revenues for the year to 31 March 2022, up 142% to £29.5m, up from £12.2m in the previous year.
This included three consecutive months of record revenues in September, October and November 2021.
The Wilmslow-based etailer reported a gross margin increase of 56%, which it said reflected “the resumption of normal trading conditions within the sector,” and finished the year with a cash balance of £7m – compared to £3.9m the previous year – following an equity fundraise in May 2021.
The company’s loss before tax improved to £600,000 from a £3.1m loss with every month in the second half of the year being profitable.
Sosandar said one of the driving factors for its growth has been investment into its inventory as it put more stock into its third-party partners and offered greater range on its own site.
Ali Hall and Julie Lavington, Co-CEOs, said: “Notwithstanding the current macro-economic environment, trading in the new financial year has started very well, with a record quarter for sales and three further consecutive months of profitability. Looking ahead, we are excited for the next stage of our growth. Our winning formula is evident in our results and over the next year we will focus on expanding our product range and continuing to drive growth through our own site and third parties.”
