BREAKING NEWS: COVID-19 Kind To Kogan, Sales Up 97.4% Profits Surge $164%
COVID-19 has been kind to Kogan.com with the online retailer reporting revenue increases of 88.6% and an increase in net profit of 164%.
They have also reported that the business now has three million active customer and that they will double interim pay-out to shareholders.
The online retailer saw gross sales lift 97.4 per cent to $638.2m while revenue increased 88.6 per cent to $414m.
Kogan said the Black Friday trading period had been record breaking, with seven of the 10 biggest trading days ever occurring within the period surrounding the online shopping event.
Net profit after tax lifted 164 per cent to $23.6m and a fully franked dividend of 16c a share was declared, compared to last year’s 7.5 cents interim dividend.
The company did not provide full year earnings guidance but did share its unaudited accounts for January, which shows that gross sales grew more than 45 per cent year on year while adjusted EBITDA grew more than 90 per cent.
Founder and CEO Ruslan Kogan flagged further investments in the platform, including “significant improvements to our logistics network, speed of delivery, range expansion, and improved competition on our platform to drive even better experiences for our customers.”