Kogan (KGN) shares rise despite profit miss
Kogan (KGN) 6.87%
The online retailer missed across the board, although only marginally at the profit line. Kogan still managed 22% profit growth for the year on just 6.4% revenue growth showing margins went a long way to saving the result – a big turnaround in costs seen in the second half. The site saw more than 15% growth in active users over FY19 and these trends looked to have continued. The first month of FY20 has shown gross profit growth of 32% yoy. Consensus is looking for Net profit growth of around 23% in FY20. Much of the upside in Kogan lies in their ability to execute the recently launched Kogan Marketplace structure which allows other retailers to list products on the Kogan site. This booked just $7.1m gross sales in FY19 but had already seen $5m of sales for the month of July.
Kogan.com (KGN) Chart
