Kogan (ASX:KGN) has today announced first quarter 2019 global brands revenue fell 27 per cent compared to the same time last year.
Meantime, Partner Brands revenue lifted 73 per cent in the first quarter, driven by the on-boarding of new brands and some brands transitioning from Global Brands to Partner Brands.
Kogan's marketing expenses grew by more than 30 per cent on a year-on-year basis.
The company says Gross margin has decreased as a result of competition from foreign websites selling into Australia without GST as well as a decline in the value of the Aussie dollar.
Shares in Kogan (ASX:KGN) are 14.7 per cent lower at $3.96.