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Kogan sets new record for six-month sales

Photo of Kogan products
(Source: Supplied)

Pureplay online retailer Kogan has recorded its largest gross sales in a single half in the six months to December, reaching $698 million. 

Founder and CEO Ruslan Kogan described the record as proof of the company reaching “huge scale” from the $100 million achieved in the December 2015 half prior to the company’s listing in 2016. 

“We have set our sights high, with a five-year goal of $3 billion in annual gross sales, which the first-half results show we are progressively on our way to achieving,” he said in a results announcement today.

With gross sales up by 9.4 per cent in the half, Kogan achieved company revenue up 1.3 per cent to $419.5 million. The company recorded more than 4 million active customers across its platforms in Australia and New Zealand, where it owns Mighty Ape. 

However, while sales continue to grow, Kogan reported an 8.1-per-cent decline in gross profit to $108.1 million. Adjusted EBITDA was $17.4 million and adjusted post-tax profit was $4.8 million. 

Ruslan Kogan said the company had invested heavily in expanding its product choice, value and speed of delivery during the past six months. 

“We have been delighting our loyal customers for over 15 years and we look forward to continuing our obsession in delighting our customers by making the most in-demand products and services more affordable and accessible,” he said.

“This is a team that thinks very long term. What you’re seeing right now is the building blocks for an even bigger and greater business, as we invest in building the best place for Aussie and Kiwi customers to get what they need.”

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