Despite reporting an almost 30 per cent decline in first-half sales, Sosandar has reduced its losses. In the six months ending 30th September, the women’s fashion retailer’s pre-tax loss decreased to US $ 0.91 million from US $ 1.69 million during the same time the previous year. Sales fell 27 per cent to US $ 21.03 million from US $ 28.81 million the year before.
The retailer established its first three UK locations during this time, in the Metrocentre in Gateshead, Chelmsford, and Marlow. Additionally, it intends to open a store at Cardiff’s St. David’s shopping area.
Third-party collaborations, such as Next, M&S, and The Iconic in Australia, performed well during this time, which helped the firm. After first selling online through its website, it also opened a store in Dublin alongside Arnotts department store.
According to Sosandar, October trading has started off nicely, with sales surpassing those of the previous year. However, it has reduced its full-year sales target by US $ 6.49 million to US $ 51.92 million due to the poor first half. It still expects to make a profit.
“The opening of our first three own stores marks a key point in the company’s development, as we move towards becoming a true multichannel retailer,” stated Julie Lavington and Ali Hall, co-chief executives.
“The strength of the Sosandar brand is demonstrated by the wonderful feedback we have received from both new and returning consumers regarding our product line and retail atmosphere. We have seen a noticeable increase in website traffic in the areas where our stores are located, and we have jumped right in with strong foot traffic and conversion.”