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Sosandar achieves record quarterly performance but remains loss-making

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Sosandar PLC (LON:SOS) said the fourth quarter was its best one yet in terms of sales and number of orders but it is still posting losses.

The online retailer’s revenue rose by 6% to £4mln in the three months to December 31, when it also cut quarterly underlying losses by 60%. The period ended with £3.9mln in the bank.

READ: Sosandar boasts record revenue in October, November

The performance was delivered despite a 66% reduction in marketing spend, as the AIM-listed firm switched from customer acquisition between September and November to the preservation of cash and trading the database during December.

The good numbers were attributed to the expansion of the product range throughout the year, with loungerwear, knitwear, denim and outerwear trading particularly well.

Returns were down to 46% from 49% in the same period in 2019, reflecting the change in product mix, while the size-inclusive clothier posted strong sales in partnership with John Lewis and Next PLC (LON:NXT).

The new year began with the launch of a new capsule range of activewear which “is showing promising early results”, Sosandar said, while Spring designs have been planned with COVID-19 restrictions in mind.

Shares shed 8% to 17p on Wednesday at the opening bell.

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