- Prachi Singh |
Sosandar reported revenue of 3.98 million pounds for the three-month period ended 31 December 2020, up 6 percent year on year delivered with a 1.61 million pounds (66 percent) reduction in marketing spend. The company said in a statement that EBITDA loss reduced by 60 percent compared to the same period in the prior year. The company saw December revenue equal to revenue in September 2020, significantly better than anticipated given minimal marketing spend during the month and strong sales with John Lewis and Next, with December being the highest month to date reflecting continued expansion of the product range.
“We are extremely pleased to report another period of record performance, particularly given the significantly reduced marketing spend and extremely strong comparatives achieved in the prior year. Whilst the external environment continues to be uncertain, the scale of our opportunity has not changed, and the results we have delivered reaffirm our belief that there is significant further demand for our products within our target market,” said Ali Hall and Julie Lavington, Co-CEOs of Sosandar.
The company added that investment made during the year in expanding the product range has been pivotal to the trading performance, with new ranges resonating well with customers. Loungewear, knitwear, denim and outerwear have traded particularly well. Further range development is ongoing with a capsule range of activewear launched in January 2021. The company has continued to demonstrate strong cash management, with 3.90 million pounds available at December 31, 2020.