Sosandar (AIM:SOS) shares moved higher on Tuesday after the fashion brand published its first-half results.
Although revenues fell to £16.2 million from last year’s £22.2 million, this was on a significantly higher margin of 62.2% compared to 55.54%.
Sonandar attributed this to a fundamental shift away from promotional sales. The strategy showed signs of working- pre-tax losses tightened from £1.35 million to just £659,000.
"The past six months have been incredibly important steps in Sosandar (AIM:SOS)'s development,” said co-chief executives Ali Hall and Julie Lavington. “We are now well on our way to becoming a true multichannel retailer following the opening of our first four stores during the half.
“Seeing the Sosandar brand on high streets, and the reaction we have received so far, validates our decision to give our customers more ways to shop with our brand.”
Shares initially spiked 5% higher to 9.3p per share before moving back to 9p at the time of writing.