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Kogan.com’s Profits Up 160%

Kogan.com has provided a business update for July 2020, revealing that the e-commerce retailer’s gross profit increased by more than 160% year-on-year (y-o-y).

In addition, gross sales grew by over 110% y-o-y that month.

As of end-July, Kogan.com’s active customers stood at 2.3 million, with the retailer adding 126,000 users that month. In June, Kogan.com added 109,000 active customers.

This July trading update comes ahead of the scheduled FY20 earnings results, which are set to be released 17th August.

Kogan.com’s sales have surged since March 2020 as Australian consumers have shifted their purchases online.

The company’s share price has grown along side their skyrocketing sales over this period, increasing by approximately 370% compared to pre-COVID levels. On Friday the share price closed at $18.81.

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