The British clothing supplier Sosandar Plc presented its interim report for the first half of 2023/24 on Tuesday. As already announced in October, the company was able to increase its sales, but had to accept a loss. Management was satisfied with the business development in the first weeks of the second half of the year. According to a statement, revenues developed “strongly” in the fall.
In the six months to September 30th, sales were 22.2 million British pounds (25.8 million euros), 6.0 percent above the corresponding previous year’s level. The bottom line, however, was a net loss of 1.35 million British pounds (1.57 million euros) due to significantly increased operating costs. In the first half of last year, Sosandar had achieved a small surplus of 0.08 million British pounds.
At the beginning of the second half of the year, sales growth picked up speed again
However, the pace of growth has now increased significantly again. In the months of October and November, sales were 16 percent higher than in the same period last year, the company said. At the same time, the gross margin was clearly improved compared to the first half of the year due to the targeted restriction of price discounts.
The clothing retailer also emphasized that it had made “significant progress” in its plan announced in October to expand with its own stores in the future. The company announced that relevant locations have now been identified. The label’s first stores are scheduled to open at the beginning of the 2024/25 financial year.