Sosandar swings back to profit and sees record Black Friday visitors
Fashion brand Sosandar has announced a return to profit for the second consecutive period, as Black Friday brought a record number of online visitors.
The retailer recorded a profit of £0.1m in the first half of the 2023 financial year, a positive swing compared to the £1.1m loss made the year before, and the second period in a row of profitability for the business.
Revenue for the first half of the year was £21m, a 72% increase on the £12.2m recorded in the same period of the prior year.
Sosandar said that trading at the beginning of the second half of the year was strong, with Black Friday sales delivering the strongest week on record for its third party partners.
Sosandar sells through M&S, Next, John Lewis, and The Very Group.
Ali Hall and Julie Lavington, co-CEOs of Sosandar, said: “Second half trading to date has built on the momentum we saw in the first half. Pleasingly, throughout October and November we delivered two record months of sales with this culminating in an extremely successful Black Friday period”.
“Looking ahead, whilst the external environment remains challenging, it is important to note that as a business, we have successfully mitigated many of the headwinds we have faced over the past two years”, they added.