Sosandar, a women’s fashion retailer, reports a noticeable decrease in sales while successfully reducing its overall financial losses.
- In a challenging first half of the fiscal year, Sosandar saw a 27% drop in sales, decreasing from £22.2 million to £16.2 million.
- Despite the decline in sales, the retailer managed to reduce its pre-tax losses from £1.3 million to £0.7 million year-on-year.
- New store openings in the UK are part of Sosandar’s strategy to enhance its presence as a multichannel retailer.
- Co-CEOs highlight strong customer feedback and increased website traffic as positive indicators of Sosandar’s brand strength.
Sosandar, a notable name in women’s fashion retail, reported a significant decrease in sales during the first half of the year, with figures dropping by 27% to £16.2 million, a stark contrast from the previous year’s £22.2 million. However, the company made strides in narrowing its losses, reducing pre-tax losses from £1.3 million to £0.7 million over the same period.
The company strategically opened its first three physical stores in the UK in Marlow, Chelmsford, and the Metrocentre in Gateshead, with a forthcoming store planned for St David’s shopping centre in Cardiff. This move is part of Sosandar’s evolution towards becoming a fully multichannel retailer, a key development highlighted by its leadership.
Sosandar’s business benefited notably from robust third-party partnerships, including collaborations with retailers such as Next, M&S, and The Iconic in Australia. The opening of a physical presence in Dublin via Arnotts department store, after initially retailing online, signifies an important step in its expansion strategy.
October’s trading has commenced positively for Sosandar, with sales reportedly outperforming figures from the previous year. Despite the weak first half, Sosandar has adjusted its full-year revenue forecast downwards by £5 million to £40 million, although profit expectations remain unchanged.
Co-chief executives Ali Hall and Julie Lavington expressed optimism about the company’s progress, noting the importance of the store openings as a milestone. They reported strong customer feedback and an increase in website traffic in the regions surrounding their stores, underscoring the brand’s robustness.
Sosandar’s strategic focus on multichannel retailing appears promising, despite the setbacks in sales.
