UK-based fashion brand Sosandar has registered its first full year of profitability in fiscal year (FY) 2023, recording a profit before tax (PBT) of at least £1.6m.
The retailer’s revenue was £42.5m ($53m) during the FY ending 31 March 2023, a 44% increase compared to £29.5m ($39.7m) in FY22.
Despite growth in revenue through a lower-margin wholesale channel, Sosandar maintained its gross margin at 56.1% in FY23 compared to 56.0% in FY22.
Total orders of the retailer increased by 22% to 620,977, including a 148,382 increase in new customers.
Sosandar saw its active customers rate increase by 19% to 264,832 and its conversion rate increased to 4.1% in FY23 compared to 3.9% in FY22.
The retailer’s average order value grew 8% to £97.27 ($121.32) in FY22, while its average order frequency also increased by 3% to 2.34 times per annum.
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Sosandar Co-CEOs Ali Hall and Julie Lavington said: “We are delighted to be reporting a milestone year. Sosandar has grown from a true start-up business just six years ago to a brand which is delivering multi-million-pound revenue and is profitable.
“This growth has been delivered against a backdrop of highly challenging macro-economic conditions and our sustained performance against this backdrop is a testament to how well our product resonates with our customers.
“While the macro-economic environment remains challenging, and we remain highly vigilant, we continue to demonstrate that our differentiated model is capable of achieving sustained profitable growth.
“We remain confident in the long-term opportunity for Sosandar, as reflected in Q4 FY23 in the acceleration of our investment in the next stage of our development.”