London · Delayed Price · Currency is GBP · Price in GBX Sosandar Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw 14% revenue growth, improved gross margin to 63.9%, and profitability in line with guidance. Strong website and third-party sales, robust cash position, and normalized M&S partnership set the stage for continued profitable growth in FY 2027.
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Revenue grew 15% year-on-year in H1, led by a 28% increase in own website sales and a robust 62.2% gross margin. Loss before tax was £1.1m, impacted by a one-off M&S cyber incident and store costs, but strong cash generation enabled a share buyback program.
Fiscal Year 2025
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Revenue grew 15% to £18.7m with strong own site sales and stable margins. Cash remains healthy, and profitability is expected to improve in H2 as trading aligns with full-year guidance. Partnerships and disciplined pricing support sustainable growth.
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Gross margin rose to 62.1% in FY 2025 as price promotions were cut, improving profitability despite lower revenue. Q1 FY 2026 saw 15% revenue growth and a 65% margin, but guidance is cautious due to Marks & Spencer disruption and slower store break-even.
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Margin and profit before tax improved significantly, supported by a disciplined full-price strategy and new store openings. Revenue growth returned in April, with strong website and store synergy, and further marketing investment planned for FY 2026.
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Gross margin rose to 62.2% and loss before tax halved, despite a managed revenue reduction. Four new stores are driving both in-store and online growth, with a strong cash position funding further expansion and a new licensing deal with Next broadening the product range.
Fiscal Year 2024
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Opened three new stores with strong trading and local online uplift, while focusing on margin and profitability. Gross margin rose to 62.2%, and FY25 revenue guidance is now £40m, but profit expectations remain unchanged due to sustained margin gains.
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Revenue grew 9% to £46.3m in FY 2024, with a strategic shift to margin over volume, driving gross margin to 57.6% and further to 63.4% in Q1 FY 2025. Store rollout is set to boost profitability, with a £1m profit forecast for FY 2025.