Online retailer Kogan.com has released its first quarterly results report, pushing their share price up to $1.56 per share.
According to the report, Kogan surpassed expected revenues by more than 10% and gross profit by more than 20%.
In addition, it also racked up an increase of 30% in earnings before interest, tax, depreciation and amortisation.
All told, the company walked away from the first quarter of the 2017 financial year with $31.7 million in cash.
Though this increase of 4% certainly fares well for founder Ruslan Kogan, it’s still far short of the companies’ initial IPO listing price of $1.80 per share.
“We believe Kogan.com is well placed to increase inventory levels next quarter to capitalise on the Christmas trading period,” Kogan said.
While this strong growth relative to brick-and-mortar retailers like Harvey Norman, it’s uncertain if it can be sustained against both other online retailers and US giant Amazon – which is looking to step up its presence in the Australian market.
