Sosandar, the popular online women's fashion brand in the U.K., has reported a significant increase in revenue for the third quarter of fiscal 2024. The company's shares have also experienced a notable rise following this positive announcement.
According to the latest financial statement, Sosandar generated £14.3 million ($18.2 million) in revenue for the three months ending December 31, representing a 23% growth compared to the same quarter the previous year. This achievement has contributed to an improved gross margin of 58.3%, up from 56.8% in the prior year. The increase in gross margin is primarily attributed to decreased price promotional activity.
In addition to growing sales figures, Sosandar has exciting plans on the horizon. The company is set to open its first physical store in the U.K. this spring, which will complement its existing online sales through the website and app.
Despite economic uncertainties, Sosandar is confident in its future performance. The company intends to maintain its current momentum throughout the final quarter and expects to meet market expectations for the current financial year. Analysts predict revenue of approximately £46.8 million and a pre-tax profit of around £100,000 for the year ending March 31.
Sosandar's success demonstrates its ability to adapt and thrive in the competitive online fashion industry. With continued innovation and strategic expansion, the brand is well-positioned for further growth in the future.
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