Kogan beats prospectus forecasts
The pureplay retailer said the successful integration of failed retailer Dick Smith, solid growth in active customers and subscribers and its travel and mobile operations had helped drive statutory EBITDA of $3.9 million.
“Today Kogan.com is Australia’s leading pure play online retail website, generating more traffic and Google search queries than its peers,” said Ruslan Kogan, founder and CEO of Kogan. “Kogan.com is built on a strong sustainable foundation of brand-equity, efficient ‘next generation’ supply chain, technological expertise and a world class management team.”
Dick Smith delivered revenue of $6.5 million in FY2016 to Kogan’s performance. Excluding Dick Smith, Kogan.com outperformed forecasts by $3.6 million
Pro forma and statutory NPAT of $0.8 million (FY2015 Pro forma: $(0.3) million; Gross Sales of Kogan Travel and Kogan Mobile exceeded Prospectus forecasts by 11.6 per cent and 25.0 per cent, respectively
“We are pleased to deliver results for our shareholders that exceed prospectus forecasts and demonstrate that we are on track to continue to build the Kogan.com business in line with our long term business strategy,” said Kogan.
“Our launch of Dick Smith ahead of schedule demonstrates the capability of our team to rapidly deliver major complex projects, as does our successful launch of Kogan Mobile and Kogan Travel in 2015. Following the IPO, we have released the capital constraints on the business, allowing us to aggressively pursue our growth ambitions.”
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