UK retailer Sosandar's revenue soars 9% in FY24

16 Apr '24

1 min read

Pic: Sosandar

Insights

Sosandar reported a 9 per cent revenue increase to £46.3 million (~$56.3 million) in FY24, with a gross margin rise to 57.6 per cent.
Despite a loss of £1.3 million in the first half, second half profits turned to £1.1 million, closing the year with a marginal loss of £0.2 million.
The company's net cash improved to £8.3 million by March 31, 2024.

Sosandar Plc, a UK-based fashion retailer, has reported a revenue increase of 9 per cent to £46.3 million (approximately $56.3 million) in fiscal 2024 (FY24), up from £42.5 million the previous year. The company also reported an improved gross margin of 57.6 per cent, a rise from 56.1 per cent in FY23. This improvement is largely attributed to a strategic reduction in price promotional activities, in anticipation of a selective store rollout across the UK.

Despite facing a substantial loss of £1.3 million in the first half of the year, Sosandar experienced a significant turnaround in the second half, expecting to report a profit of £1.1 million. This shift helped position the year's performance broadly in line with market expectations, with only a marginal loss of £0.2 million reported for the year, the company said in its trading update for the financial year ended March 31, 2024.

The latter half of FY24 also saw strong cash generation, enhancing the company’s net cash position to £8.3 million as of March 31, 2024, an improvement from £7.7 million at the end of December 2023.

Fibre2Fashion News Desk (DP)

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