Sosandar (AIM:SOS), the women’s fashion retailer, climbed more than 2% higher on Wednesday after reporting a strong festive period which helped it towards record revenues for the quarter.
Sales in the three months to New Year’s Eve increased by 23% year on year to reach £14.3 million, leaving management confident it can achieve full-year revenue guidance of £46.8 million.
“In the lead up to Christmas, the company saw extremely strong sales across all categories with party wear, dresses, tailoring, knitwear and smart trousers being standout items,” the listed company said in a statement.
Pre-tax profits for the financial year, which ends on 31 March 2024, are expected to reach £100,000, but the clothing company, through consistent global growth, is confident in growing this to £10 million in the medium term.
In a statement, the group said it was hoping to achieve more than £100 million in revenues and a pre-tax profit margin of 10% in the coming years.
Earlier this year, Sosandar teamed up with Sainsbury’s to bring its clothes into stores, but now the company is hoping to open up its own site by Spring 2024.
This builds on recent trends in the UK retail space, where e-commerce companies are finding it increasingly important to build up an in-store presence.
Shares in Sosandar (AIM:SOS) are down close to 30% in the last 12 months, with shares trading at around 15p.