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Sosandar losses narrow as sales jump 52%

By BFN News | 07:38 AM | Tuesday 01 December, 2020


Online women's fashion retailer Sosandar narrowed its first-half losses after it boosted its sales by 52%. Pre-tax losses for the six months through September amounted to £1.10 million, compared to losses of £2.79 million year-on-year. Revenue jumped to £4.28 million, up from £2.81 million. Sosandar said monthly sales for September to November increased by 115% compared to the average for the prior five months. The company said it had more than £4.0 million in cash as at 30 November. 'From September onwards, we cautiously increased expenditure on new customer acquisition and trading has quickly gained momentum,' co-chief executives Ali Hall and Julie Lavington said. 'We are very pleased to be exceeding the record highs seen last autumn on half the marketing spend. ' 'As one would expect, we are now selling a much wider range of casual and at-home product than before.' 'However, the Sosandar customer has also not lost a taste for glamour, with sales of sequins, leather, fur coats and knee boots remaining strong.' 'Looking ahead, whilst there remain short term uncertainties due to Covid-19, our long-term focus has not wavered and continues to be on the development of our product, infrastructure and service, alongside most importantly, further building our customer base.' 'The scale of our opportunity is substantial and we are well placed to deliver on our ambition for Sosandar to be a long-term, sustainable success.' Story provided by StockMarketWire.com

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