Total revenues at online fashion company Sosandar increased by 54 percent in the first quarter, which the company said, demonstrated the strength of its business model and continued demand for its offering. Sosandar said in a statement that this growth represents strong performance in a difficult trading environment, whilst noting that Q1 was the lowest revenue quarter in the prior year. As a result of the growth in sales together with a significantly decreased marketing spend, the company’s losses in Q1 reduced by 70 percent compared to the same period in the prior year.
In June, the company’s monthly sales performance improved again, with a strong gross margin from a shift back to full price purchases following some promotion and discounting in early April. As a result, Sosandar added that the company recorded results very close to breakeven in June. The company also saw a 24 percent increase in new customers over the quarter, and growth in return customers, demonstrating the longer-term impact of its acquisition marketing strategy in previous periods, and the benefits of holding a larger database.
The Board believes there continues to be a very significant opportunity available to Sosandar and the company anticipates that, in line with the external environment improving, it will recommence controlled and careful new customer acquisition towards the end of Q2 and beyond.
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