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Kogan sales slide but profit rebounds in second half

Trans-Tasman online retailer Kogan says its interim performance has been hit by ongoing market pressures along with softer trading.

According to unaudited accounts for the half to June 30, gross sales reached $373.7 million down 22.5 per cent reflecting soft market conditions owing to inflationary pressures and interest rate rises.

Adjusted earnings before interest, taxes, depreciation and amortisation were $11.2 million, up 624.1 per cent while inventory levels reduced to $68.2 million.

Kogan founder and CEO Ruslan Kogan said the results reflect the actions taken by the business in the past year to the right-size inventory levels and optimise operating costs.

“We know millions of customers are struggling with cost of living pressures, and we’ve been able to recalibrate our business to better support them in these times.

“Our focus on driving efficiency in the business means that we are now more agile than ever, with a low cost-of-doing business, combined with a market-leading offering across millions of products, and all the essential services.

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