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Kogan Shares Soar To Record High

Kogan.com.au has noted unprecedented growth during the COVID-19 pandemic, and today the company’s share price soared by 5.2% to reach a record high of $11.11 as of 12pm.

This comes on the back of a strong couple of months for the e-commerce site. In April Kogan added 139,000 active customers, bringing the total to 1.9 million.

That same month Kogan’s gross sales grew by more than 100%, while gross profit increased by over 150%.

KGN ASX 29.05.2020

Kogan.com Chairman Greg Ridder said: “Recent performance of the Company highlights the solid foundations of our business – with strong customer appeal, multiple revenue streams, diverse supply chains, and world-class proprietary systems and processes.”

Earlier this month Kogan acquired the Australian furniture retailer Matt Blatt and outlined plans to transition MattBlatt.com.au to an online-only format permanently.

Also this month, Michael Hirschowitz resigned as an independent non-executive director after 15 months with the company, citing other commitments. Previously Hirschowitz was the interim CFO at Guzman y Gomez.

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