Kogan Ups EBITDA, Predicts Local Boost From Amazon Online
Australian online ITC goods seller Kogan has upgraded its full-year EBITDA ( earnings before interest, tax, depreciation and amortisation) from an earlier estimate of $6.9 million to $8-9 million.
“We are seeing continued strong sales performance across our business, with our revenue run rate exceeding our expectations when lined up against our prospectus forecasts,” leader Ruslan Kogan, pictured, told the group’s AGM in Melbourne late last week.
“We expect a strong Christmas trading period, with healthy inventory levels enabled by the capital raised through the IPO,” Kogan said.
Kogan predicted that the expected entry of US giant Amazon to the Australian retail market – far from eating into Kogan’s market share – would prove a welcome fillip for the Australian online retail industry.
“Online retail is still under-represented in Australia compared to other major developed economies,” Kogan said. “There’s no doubt that the arrival of a major international online marketplace will do great things to boost the profile of online retail locally.”