Kogan profit smashed by COVID disruption

Kogan profit smashed by COVID disruption

Profit after tax falls by A$35.5 million as revenue also "tempered".

Online retailer Kogan has posted a disappointing 2022 half-year result after its profit fell by over 150 per cent year-on-year to land it A$11.9 million in the red, in terms of after-tax profit, for the six-month period.

The after-tax profit decline, which stands at A$35.5 million, was due to Kogan being "significantly impacted by COVID-related interruptions and associated fluctuations in demand", the publicly listed company told shareholders in its half-yearly financials. 

Kogan claimed these issues were experienced across the entire retail industry and had resulted in increased logistics and other operating costs. 

The retailer's revenue was also "tempered" in the period ending 31 December 2022, only growing by 1.3 per cent – or A$5 million – to A$419.5 million. 

Kogan noted that the growth slowdown followed significant growth experienced during the prior period. 

Nevertheless, the website delivered its highest gross sales result in the half-year ended 31 December 2021 with A$59.8 million, 9.4 per cent, on the prior corresponding period. The group achieved an adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of A$17.4 million in the half year period. 

At the end of the last financial year, Kogan's post-tax profit fell by a 86.8 per cent year-on-year, whereby it also cited interruptions caused by the COVID-19 pandemic.

In December 2020, the company also acquired Auckland-based online retailer Mighty Ape, which along with Kogan Marketplace and Kogan First loyalty program, drove the bulk of the group's revenue. 

Additionally, Kogan Energy, Kogan Mobile New Zealand and Kogan Money all showed strong growth in the half, the company claimed.  

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