Business
Kogan welcomes retail ‘revolution’ as sales, profits soar – Sydney Morning Herald
Online retailer Kogan has heralded a revolution in Australia’s retail sector, with the e-commerce player reporting a huge jump in sales and earnings for the 2020 financial year.
However, revenue fell slightly below analyst’s $512 million prediction, as did Kogan’s earnings before interest and tax, which came in at $39.1 million against expectations of $40.8 million.
Shares fell 6.1 per cent to $20.51 after the announcement, though Kogan’s shares are still up almost 170 per cent since the beginning of the year.
Chief executive Ruslan Kogan said the results were an indication of the strength of Kogan’s business considering the “extremely turbulent and challenging period…
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