Kogan.com Shares Up 11 Per Cent After Dramatic Crash
Kogan shares are up 11.4 per cent on the ASX today, after a 12 per cent crash last Friday, following the release of new earning guidance that suggested it will fall short of FY21 forecasts by up to 18 per cent.
After the company released this forecast update, Kogan.com shares hit a 12-month low of $8.91 on Friday; as of 1.45pm on Monday May 24, they now sit at $9.69.
“The company has learnt valuable lessons over the last few months, including many key strategies on how to better scale operations of a large fast-growing e-commerce company,” Kogan.com said on Friday.
“In order to provide the delivery experience customers desire, Kogan.com built up its inventory levels from late 2020, which has caused high warehousing costs that are continuing.”