Kogan.com (ASX:KGN) shopping surges in FY21

Online retailer Kogan.com (ASX:KGN), posted its highest ever gross sales of $1.179 billion for the year ending 30 Jun 2021, outperforming the prior year by 52.7 per cent.

Revenue increased 56.8 per cent from the prior year, in which adjusted net profit after tax reached $42.9 million, up 43.2 per cent from the prior year.

Kogan’s mission to make the most in-demand products and services more affordable and accessible for all resulted in 3,207,000 active customers for the year, up 46.9 per cent from the prior year.

Kogan’s first loyalty program grew to over 120,000 members as repeat orders accelerated from customers accessing loyalty benefits and breadth of range.

The increase in selling costs was driven by a large volume of transactions, while the increase in warehousing costs was driven by high level of inventory.

Kogan.com will not be providing earnings guidance for FY22, but will provide regular business updates during the year.

Shares in Kogan.com (ASX:KGN) are trading 7.1 per cent lower at $12.20.
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