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.
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.
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)
