Sosander losses narrow

Total revenue for the half year was £16.2m, down from £22.2m in the first half as the retailer said it continued "to transition away from price promotional activity outside the major scheduled sale events".

Sosandar said FY25 revenue expectations were moderated to £40m and that pre-tax profit expectations remained unchanged, "given continuing margin strength, evolution of customer engagement strategy and careful management of other overheads."

The retailer recorded a gross margin of 62.2%, compared with 55.4% in the previous year, reflecting margin enhancement prioritisation, it said. It added that trading in October across all channels had "started strongly, with revenue being ahead of last year which represents a substantial positive swing compared with H1."

Sosandar reported "strong trading" in all three of its new physical stores, coupled with a demonstrable uplift in traffic to the website in the areas where the new stores are located.

The Sosandar board said it reiterated its confidence in the brand's prospects, both for the remainder of FY25 and in the longer-term growth opportunity.

Ali Hall and Julie Lavington, co-CEOs said: "The opening of our first three own stores marks a key point in the company’s development, as we move towards becoming a true multi-channel retailer. We are incredibly proud of seeing the Sosandar brand on thriving high streets and are delighted with the reception we have received so far.

"The feedback on our product range and store environment from both new and existing customers has been fantastic, which shows the power of the Sosandar brand.  We have hit the ground running with strong footfall and conversion, and have also seen a demonstrable uplift in traffic to our website in the areas where our stores are located.

"We remain committed to delivering in line with our growth strategy, focusing on margin enhancement to improve profitability, and we are already seeing the results of this in our performance. This has continued into October and we remain excited for what lies ahead for Sosandar."