Kogan unveils new offerings amid growing marketshare
Online retailer Kogan grew gross profit by 28.4 per cent over the third quarter of its 2019 financial year, delivering a positive start to the calendar year for the business.
Shares in the retailer grew more than 17 per cent to $5.30 per share after the announcement.
“Our team has delivered a solid quarter of earnings growth, and continued to make in-demand products and services more affordable and accessible,” Kogan founder and chief executive Ruslan Kogan said.
“All while launching Kogan Marketplace, and undertaking the preparatory work to launch key upcoming new verticals.”
Active customers grew 23.4 per cent year-on-year to 1.58 million, while several of the retailers market segments saw impressive growth.
Kogan Mobile grew active customers by 40.6 per cent year on year, while Kogan Internet, which launched in April, grew customers by 78.7 per cent compared to the previous quarter.
New initiatives on the horizon
Kogan also noted it would be launching a new service called Kogan Cars near the end of the financial year, which will allow customers to “secure new cars at competitive prices from dealers across Australia, while also enabling customers to trade-in cars from a wide range of makes and models.”
The retailer will receive fees from its venture partner, Eclipx Group, who runs a number of vehicle brands, including Fleet Partners, fleet plus, grays online, and New Zealand’s AutoSelect.
The company also noted a beta-version of its Kogan Energy Compare service is live on its website, allowing customers to upload an energy bill to see if there are any savings available to them, which Kogan called its “initial entry into the energy market”.
The group confirmed it intends to continue exploring a Kogan-branded energy offering.