Sosandar books loss as investment spending offsets rising sales
Source - SMW
Online women's fashion retailer Sosandar booked a full-year loss, as investment spending more than offset a rise in revenue.
Pre-tax losses for the year through March amounted to £3.5m, compared to losses of £6.1m on-year.
Revenue more than tripled to £4.4m.
'The new financial year has started strongly and in line with our expectations with June setting a new record for the number of units sold in a month,' co-chief executives Ali Hall and Julie Lavington said.
Repeat orders in the first quarter had more than doubled on-year, while revenue had risen by about 23%.
'This revenue growth has been achieved through strong repeat business with deliberately less emphasis on new customer acquisition as external factors resulted in a tougher acquisition environment,' Hall and Lavington said.
'Being an agile e-commerce business, we have been able to respond quickly to external forces, making the prudent strategic decision to hold back funds to invest for customer acquisition in future months where we expect to achieve a better return on marketing spend.'
At 8:38am: (LON:SOS) Sosandar Plc share price was -2.25p at 17.5p