Sosandar has identified the first sites for its UK stores while revealing a shift to a loss in its recent financial period.
The fashion brand, which is transitioning to a multi-channel model, plans to launch its initial shops in Chelmsford, Essex, and Marlow in Buckinghamshire in September.
During the year ending on 31 March, Sosandar recorded a loss of £0.3m, a turnaround from the previous year’s £1.59m profit. This shift was due to a £1.3m loss in the first half offsetting a £1m profit in the second half.
Although the company saw a 9% increase in sales to £46.3m for the period, thanks to new partnerships with third-party vendors in the UK and abroad.
Sosandar expressed confidence in its first-quarter results for the current year, which showed a focus on margins over discounts leading up to the launch of new stores.
Despite a 28% decline in sales to £8.2m, pre-tax losses decreased from £0.8m to £0.2m
The company anticipates that the introduction of its inaugural standalone stores will enhance sales in the future.
Sosandar’s Co-CEOs, Ali Hall and Julie Lavington, stated, “We are progressing towards our objective of a pre-tax profit margin exceeding 10% in the medium term, alongside revenues surpassing £100m, by focusing on sustainable profitable growth over mere revenue expansion through promotions.”
They emphasized, “We are leveraging our brand value to establish a marketing network through our stores, allowing us to directly engage with our clientele.”
The executives also revealed their excitement about the upcoming launch of Sosandar stores at the disclosed locations later this year.
Image Source: Sosandar.com
