TIDMSOS
RNS Number : 1620M
Sosandar PLC
10 January 2023
Date: 10 January 2023
On behalf of: Sosandar plc ('Sosandar' or 'the Company')
Embargoed until: 0700hrs
Sosandar plc
Trading Update
Another record quarter, continuing the strong momentum from
H1
Sosandar PLC (AIM: SOS), one of the fastest growing fashion
brands in the UK, creating quality, trend-led products for women of
all ages, is pleased to provide the following trading update
covering the three-month Period ended 31 December 2022.
Highlights:
-- Revenue of GBP11.6m, up 30% year-on-year (Q3 FY22: GBP8.9m),
a new record quarter
-- Strong revenue growth across all sales channels, with a
new record quarter for third party partners
-- Fifth consecutive quarter of profitability for the Group
-- Average order value of GBP106.37, up 11% from GBP95.69
in the prior year reflecting customers buying into higher
priced items and categories such as outerwear, tailoring
and occasion wear
-- Improved gross margin at 56.8%, up from 55.8% in Q3 FY22
and a further improvement from 54.4% achieved in H1 FY23
-- Net cash of GBP4.6m as at 31 December 2022 (GBP4.2m as
at 30 September 2022)
The Company is delighted to report another strong trading
performance across both the Sosandar website and via its third
party partners. Delivering this performance despite the challenging
consumer backdrop is testament to the Company's agility,
underpinned by a unique quality product offering, highly effective
marketing strategy and increasing brand awareness across its target
market.
The Group's fast-tracked development of specific product
categories resonated extremely well with customers, resulting in
all identified lines meeting or exceeding management expectations.
Across the period, every single product category experienced
growth, with knitwear, formal tailoring, coats and partywear
performing exceptionally well throughout the Winter season.
The Board remains cognisant of the wider macro-economic
challenges and regularly reviews market conditions to ensure that
Sosandar is well prepared to adapt to customer trends and mitigate
all headwinds. The Group's performance in FY23 so far has served to
validate the strategy, agile business model, dedicated team and
highly differentiated quality product that is in demand across all
our channels. As a result, the Board confirms that the Company
continues to trade in line with market expectations* for the
current financial year.
* The Board believes that consensus market expectations for the
year ending 31 March 2023 are revenues of GBP42.8m and PBT of
GBP2.0m.
Ali Hall and Julie Lavington, Co-CEOs commented:
"We are pleased to be reporting another record trading
performance for Sosandar and a fifth consecutive quarter of
profitability for the Group. The momentum built in H1 has continued
and we are thrilled to report both strong revenue growth and
improved margins compared with the first half of the financial
year. As a result of our strategic initiatives, we had a record
number of visits in to Sosandar.com in the quarter and we have seen
our customers investing in higher value items throughout the winter
season.
Our agile business model, expanded product offering and
ever-increasing brand awareness has allowed us to deliver what our
customers want and to continue dressing women to feel sexy and
chic.
Whilst the macro-economic environment remains challenging, and
we remain highly vigilant, we continue to demonstrate that our
differentiated model is capable of achieving sustained profitable
growth. As a management team, we have complete confidence in our
brand, unique product, amazing colleagues and our ability to
continue executing on our strategy.
The strength of our brand and product range continues to be
recognised by third party retailers and as a result we are really
excited by a number of new opportunities for growth being presented
to us across various sales channels and territories."
Enquiries
Sosandar plc www.sosandar.com
Julie Lavington / Ali Hall, Joint CEOs c/o Alma PR
Steve Dilks, CFO
Singer Capital Markets
Peter Steel / Tom Salvesen / Alaina +44 (0) 20 7496
Wong 3000
+44 (0) 20 3405
Alma PR Limited (Financial PR) 0205
Sam Modlin/ Matthew Young sosandar@almapr.co.uk
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK MAR").
About Sosandar plc
Sosandar is one of the fastest growing women's fashion brands in
the UK targeting style conscious women who have graduated from
price-led alternatives. The Company offers this underserved
audience fashion-forward, affordable, quality clothing to make them
feel sexy, feminine, and chic. The business sells predominantly
own-label exclusive product designed in-house.
Sosandar's product range is diverse, providing its customers
with an array of choice for all occasions across all women's
fashion categories. The company sells through Sosandar.com and has
brand partnerships in place with Next, John Lewis, Marks &
Spencer, The Very Group and N Brown.
Sosandar's strategy is to continue growing brand awareness and
expand its customer database, whilst also further driving its high
levels of customer retention. This is achieved through its
exceptional products, seamless customer experience and impactful,
lifestyle marketing activities all of which is underpinned by
combining innovation with data analysis.
Sosandar was founded in 2016 and listed on AIM in 2017. More
information is available at www.sosandar-ir.com
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END
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