Kogan.com (ASX:KGN) falls on half year update

Company News

by Lauren Evans

Online marketplace Kogan.com (ASX:KGN) reported a loss of $11.87 million for the six months to December 31 from a profit of $23.59 million in the prior year period as stay at home spending was rotated out to experiences.

Kogan.com's revenue increased by 1.3 per cent to $419.5 million driven by its Mighty Ape, Kogan Marketplace and Kogan First divisions. The half was significantly impacted by Covid-related interruptions and fluctuations in demand across the entire retail industry, resulting in increased logistics and other operating costs.

“Over the last six months we have invested heavily on expanding product choice, value and speed of delivery for our over four million Aussie and Kiwi shoppers to delight them each and every step of the way," said chief executive officer Ruslan Kogan.

"I am extremely proud of our team’s achievements, and even through the Covid situation, which has continued to bring operational disruption to all industries around the country and the world. Our team has continued to focus on innovative ways to further enhance the Kogan.com and Mighty Ape customer experience."

Shares in Kogan.com (ASX:KGN) are trading 14.6 per cent lower at $4.79. 

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