Kogan’s revenue falls amid lower gross sales
Kogan‘s revenue declined amid lower gross sales in the last fiscal year – but the company has marked a milestone, exceeding 500,000 members of its First subscription program for the first time.
The online retailer’s revenue fell 6.1 per cent to $459.7 million as Kogan.com’s sales slid 6.4 per cent to $313.2 million and its New Zealand Mighty Ape division’s revenue tumbled 5.4 per cent to $146.5 million.
Full-year gross sales fell 4.8 per cent to $808.9 million.
In the fiscal fourth quarter, revenue slightly rose by 0.2 per cent to $105.6 million while gross sales fell 1.4 per cent to $1894.1 million.
“Cost of living pressures are driving customers to Kogan.com and we’re working harder than ever to ensure we save our customers a lot of money,” said Ruslan Kogan, Kogan CEO.
“While Kogan First subscribers are saving a lot of money shopping online, they are also recognising that if their essential services like phone plan, electricity or NBN isn’t with Kogan.com, then they’re probably paying too much.”
The company ended the fiscal year with over 502,000 subscribers, up 25 per cent.
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