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Kogan returns to quarterly growth despite YOY sales decline

Kogan has logged a 6.5 per cent year-on-year decrease in gross sales for Q1 of FY24, but recorded quarter-on-quarter growth for the first time since the first quarter of FY22.

Kogan is a portfolio of retail and services businesses that includes Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Money, Kogan Cars, Kogan Energy, Dick Smith, Matt  Blatt, Mighty Ape in New Zealand, and Brosa. 

The company’s gross sales were down to $189.2 million following the significant reduction in inventories.

However, the return of quarterly sales increase signifies that the planned period of consolidation within the firm has concluded. 

“This most recent quarter has been full of excitement for In addition to returning the business to a position of continuous profitability growth and financial strength, we’ve been busy delivering new ways to delight our customers,” said founder and CEO Ruslan Kogan.

Gross profit of $37.4 million increased 19.5 per cent, with adjusted EBITDA of $8.0 million, demonstrating the sustained return to profitability.

The company recorded more than 2.8 million active customers as of September 30, while subscribers of its loyalty program increased to over 440,000.

“We are confident that the incredible deals we have lined up over the coming months will help in these tough economic times, as we continue to deliver on our promise of making the most in-demand products and services more affordable and accessible,” Kogan stated.

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