Kogan reports record half-year sales and profit

Kogan.com has reported record gross sales of $322.9 million, up 16.4% on the prior year, and record gross profit of $49.9 million, up 10.6% on the pcp for the first half of FY2020.

Kogan.com attributed the record results to strong growth from Kogan Marketplace which saw gross sales increase 44.6% quarter-on-quarter in the December quarter compared to the September quarter. The number of sellers on the marketplace increased by 55.2% QoQ and there continues to be a long backlog of sellers ready to be onboarded.

Kogan.com founder and CEO, Ruslan Kogan said the company has the broadest offering it has ever had and the widest and fastest distribution network.

“This half has been a period that saw us taking significant steps to invest in the future success of our platform and make it easier for customers to shop with us.

“During this period, we delivered several game changing projects including the launch of four new business units whilst also growing Kogan Marketplace and expanding our Kogan First subscriber base, offering free shipping, free upgrades to express shipping and exclusive discounts.”

During 2020, Kogan.com will further develop and enhance the Kogan Marketplace platform, enabling the rapid onboarding of new sellers, and the enhancement of both customer and seller experience. The company will also focus on the Kogan loyalty program, growing Kogan First and Kogan points programs.

In conclusion, Kogan.com said: “In light of the recent developments in relation to the coronavirus outbreak, it is too early to assess whether there may be any financial impact on our business. Should there be any sustained closures or delays of orders from international suppliers and manufacturers of our products, this may impact 2HFY20 earnings.”

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