Kogan sales still skyrocketing four years after ASX listing
21 July 2020, Written by Business News Australia
E-commerce giant Kogan (ASX: KGN) has seen sales nearly double during the fourth quarter, four years on from the company's debut on the ASX.
The company's gross sales hit $94 million in June, with the company bagging $17 million in profit during the month.
Comparing the fourth quarter of this financial year to 4Q19 gross sales grew by more than 95 per cent, and gross profit more than doubled.
As at 30 June 2020 Kogan added 109,000 active customers to hit a total of 2,183,000.
Founder and CEO Ruslan Kogan (pictured) says the solid quarterly results mark a milestone for the company which listed in July 2016.
"In early July we celebrated four years since listing the company on the ASX, and we are now proud to have delivered four consecutive years of significant growth in sales and earnings," says Ruslan Kogan.
"Our business is booming as more customers than ever choose Kogan.com. The thing I love about running an e-commerce company is that we operate in one of the most transparent and competitive industries.
"Every decision we make in the business assumes that our customers are smart shoppers who have done lots of research - in other words, educated, informed consumers. Our business has been obsessed with delivering value for our customers for 15 years, and this is exactly what we'll keep doing for the next 15 years and beyond."
As at 30 June Kogan has $147 million in cash on hand, with total inventories of $113.1 million including $80.6 million in warehouse and $32.5 million in transit.
Shares in Kogan are up 3.34 per cent to $17.87 at 10:23am AEST.
Business News Australia
Author: Business News Australia