Kogan Posts Record Half-Year Sales Thanks To Black Friday
eCommerce retailer Kogan reported record-breaking half-year earnings, with its blockbuster results driven by Black Friday sales.
Kogan’s gross sales were up by more than 96 per cent while gross profit skyrocketed by more than 120 per cent.
Seven of the company’s biggest trading days occurred during the Black Friday sales in late November, with gross sales exceeding $50 million during the seven-day period.
On Black Friday, Kogan enjoyed the single biggest day of sales in the company’s history with 124,000 items sold, totalling over $15 million.
Kogan ended the financial half-year with $78.9 million in cash.
Kogan.com founder and CEO Ruslan Kogan said he was proud of how the business handled a period of unprecedented growth.
“We are proud to have delivered another record half while undertaking significant investments into the future of the business. I am so proud of how our team is navigating extreme growth within our core business, and responding to the fast-changing economic, health and supply-chain environment,” Kogan said.
“We delivered our largest acquisition to date in Mighty Ape and expanded the Kogan.com community of members to more than three million active customers. We are investing into building strong customer relationships by expanding our logistics capability, our marketing reach and our systems and infrastructure.
“Black Friday week saw some of the most extraordinary trading we have ever seen – with seven out of our top 10 days ever occurring during the Black Friday period. Customers have come to rely on Kogan.com to deliver their Christmas shopping needs, and we are proud to have satisfied well over a million happy shoppers this Christmas period.”