Kogan adds record number of new customers in August

Kogan adds record number of new customers in August

Kogan.com (ASX: KGN) witnessed the largest monthly increase of new customers in the company's history in August 2020 as sales and profit more than doubled.

Active customers grew to 2,461,000 as at 31 August 2020, an incremental increase of 152,000.

Other highlights for the online retailer in August include gross sales more than doubling, with growth of 117 per cent year on year.

Similarly, profit growth more than doubled by 165 per cent on August 2019.

The company reports that, on an adjusted basis, earnings grew by more than 466 per cent year on year.

This growth was spurred along by Kogan.com spending more on marketing than during any other monthly period in the history of the company.

This update follows a successful FY20 for Kogan.com which reported a $27 million full year profit.

Much of the company's growth can be attributed to the growth of its Amazon-style storefront Kogan Marketplace, with gross sales increasing by 71.2 per cent in the second half.

In addition to NPAT growth of 56 per cent, Kogan.com recorded gross sales of $768.9 million and revenue of $497.9 million in FY20.

Kogan.com's exclusive brands achieved year on year revenue growth of 26.4 per cent and gross profit growth of 43.7 per cent, resulting in a contribution of 51.3 per cent to overall gross profit in FY20.

Shares in Kogan are up 7.12 per cent to $20.60 per share at 12.25pm AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Subscribe Now!
Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Great Wrap raises $5m as Opal Packaging locks in distribution deal for its compostable pallet wrap

Great Wrap raises $5m as Opal Packaging locks in distribution deal for its compostable pallet wrap

In tandem with a $5 million capital raise that has secured the supp...

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star unsuitable to hold a casino licence, final Bell Inquiry submissions claim

The Star Entertainment Group (ASX: SGR) has been declared unsuitabl...

Businesses and directors could face huge penalties if they fail to disclose their climate impact

Businesses and directors could face huge penalties if they fail to disclose their climate impact

Large businesses will have to publicly disclose detailed informatio...

Australian Ethical to acquire Australian Unity's Altius Asset Management for $5.5m

Australian Ethical to acquire Australian Unity's Altius Asset Management for $5.5m

Australian Ethical (ASX: AEF) is set to upsize its fixed income bus...