By Samuel Indyk
Investing.com – Online women’s fashion retailer Sosandar recorded an 63% increase in revenue in the fourth quarter (January – March 2021), including a record month in March.
The company now expects to report total revenue of £12.2 million for the year ended 31st March 2021, up 35% year-over-year, following a 29% increase in orders.
The company also added that its EBITDA loss is expected to have reduced by over 60% in the financial year.
Marks & Spencer Partnership
The update comes as the company announced early results from its new business partnership with high street retailer Marks and Spencer (LON:).
“The Company has just launched with Marks & Spencer, where the initial product range has been incredibly well received by the M&S customer with many styles selling out and being quickly replenished in the first week of trading,” Sosandar said in a statement.
This follows previous successful launches with John Lewis and Next (LON:) on their website platforms in August last year.
“In what has been a year that no one could have possibly predicted, we are delighted to have shown resilience and our entrepreneurial spirit, overcoming challenges to deliver a significant improvement in revenue and reduction in EBITDA losses, together with the further diversification of our product range,” said Co-CEOs Ali Hall and Julie Lavington.
The retail sector still faces considerable uncertainty, particularly from the coronavirus pandemic, although the outlook does appear to be getting clearer. In early Q1, Sosandar (LON:) said they have seen an increase in sales across all key categories, as customers prepare wardrobes for the summer months.
“We are confident in what the future holds, and believe that Sosandar is well positioned to take advantage of the opportunities ahead of us,” Hall and Lavington added.
At 09:50BST, Sosandar shares were trading higher by 1.3% at 19.63p.
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