Why it matters: Kogan emerged as a major winner from the COVID-19 pandemic
Since then, high inventory levels has affected profit margins and share price
Kogan.com’s gross sales are down 28.4 per cent to $844.8 million this year
Kogan.com says its inventory has fallen nearly 60 per cent compared with a year ago, but its sales are down more than 22 per cent and profits fell in the second half as higher inflation and interest rates made consumers wary.
But the company’s chief executive, Ruslan Kogan, said underlying profitability was improving despite the more difficult trading conditions after the group reduced the amount of stock it held and began cutting costs.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
