The British fast fashion provider Sosandar Plc further accelerated its sales growth in the 2021/22 financial year and made significant progress in earnings. The company also stated on Tuesday that it was also able to make strong gains in the first few months of the current year.
In the financial year that ended in March, sales amounted to 29.5 million pounds sterling (34.8 million euros), more than doubling (+142 percent) compared to the previous year. The e-commerce specialist owes the high increase not least to strong growth in the number of active customers (+65 percent) and orders (+84 percent). In addition, business with well-known trading partners such as Marks & Spencer, Next and John Lewis continued to develop “strongly”, the company explained.
Thanks to rapid sales growth and a significant increase in gross margin, the apparel retailer has significantly reduced its losses. Earnings before interest, tax, depreciation and amortization (EBITDA) fell to £0.2m from £2.9m a year earlier after the company was operationally profitable in every month of the second half. The reported net loss shrank from 3.1 to 0.14 million pounds sterling (0.17 million euros).
The clothing supplier was also able to grow strongly in the first months of the current financial year: In the first quarter, sales of 10.4 million pounds sterling were 81 percent above the corresponding level of the previous year. The company highlighted that it has continued to generate an operating profit every single month.