Kogan.com has reported another quarter of strong performance as revenue returned to growth and strong profitability was maintained through the completion of FY24. For the first time, Kogan First subscribers have exceeded more than half a million.
Following the EOFY sales events, Kogan First grew to over 502,000 subscribers at 30 June 2024, representing over 25% growth year-on-year. Subscribers receive exclusive discounts, benefits and rewards.
In the June quarter, gross sales dipped to $184.1 million. While this was down 1.5% compared to the previous corresponding period (PCP), it reflects a positive trend on the preceding three quarters. Gross sales for Kogan.com (excluding Mighty Ape) were $154.6 million, up 1.2% on the PCP.
Revenue of $105.6 million was an increase of 0.2% on the PCP. Kogan.com (excluding Mighty Ape) recorded revenue of $75.9 million, up 6.8% on the PCP.
A return to strong profitability continued in the June quarter with adjusted EBITDA of $9.5 million, an increase from $6.8 million in the PCP, leading to a full financial year result of $40 million compared to $6.8 million in FY23.
Adjusted EBIT was $5.7 million, more than double the $2.8 million recorded in the PCP, leading to a full financial year result of $25 million compared to $9.8 million in the red in FY23.
Kogan.com founder and CEO, Ruslan Kogan said, “Cost of living pressures are driving customers to Kogan.com and we’re working hard to ensure we save our customers money. While Kogan First subscribers are saving money shopping online, they are also recognising that if their essential services like phone plan, electricity or NBN, isn’t with Kogan.com, then they’re probably paying too much.
“It’s incredible to reflect on the fact that we launched Kogan First just four years ago. In that time, we have significantly expanded the program’s benefits, and it’s fantastic to see over half a million smart shoppers recognising this value. We provide them with exceptional deals on the most in-demand products and essential services.”