H1 results are in line. Sales grew 72% and momentum has continued into the key selling period with record sales in Oct/Nov. Its agile, design-led, data-driven approach is delivering strong KPIs. Having been profitable in each of the last 12 months (ex. Aug), it has passed an important inflection point. Sosandar’s differentiated proposition is clearly resonating with shoppers and, with compelling LTV metrics and just c0.2% market share, the equity story is as strong as ever despite the tough backdrop. Forecasts are unchanged and we re-iterate Buy with a 45p target.
