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Sosandar cuts quarterly losses by 70% with lower marketing spend

Revenues for the first quarter climbed 54% despite the crisis as the online retailer adapted its offer to 'lockdown' products

Sosandar - Sosandar cuts quarterly losses by 70% with lower marketing spend

Sosandar PLC (LON:SOS) said losses for the quarter to June 30 were cut by 70% having significantly reduced marketing spend.

However it is planning to gradually restart customer acquisition strategies over the rest of the year.

READ: Sosandar sees revenues soaring during pandemic without resorting to discounts

The online fashion retailer said revenues for the first quarter climbed 54% despite the crisis, and was “very close” to breakeven in June.

The offer adapted to changes in customer demand, which focused in areas such as denim, linen and casual summer dresses, alongside the industry-wide growth in loungewear.

Cash at June 30 was just below April levels at £4.4mln.

Shares shot up 20% to 12.38p on Tuesday at the opening bell.

Quick facts: Sosandar

Price: 16.625 GBX

AIM:SOS
Market: AIM
Market Cap: £31.96 m
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