Kogan sales jump amid online shopping boom

Online shopping trader Kogan has reported a surge in sales during April and May as coronavirus lockdowns restricted activity in the retail sector.

Kogan said in a fourth quarter progress report gross sales were up more than 100 per cent from a year ago while gross profit improved more than 130 per cent for the two-month period.

The online retailer added 126,000 active customers in May alone, taking total active customers to over 2 million.

Kogan’s number may have been partly helped by its acquisition of furniture trader Matt Blatt in May.

The results are a contrast to the disastrous April trading figures for the retail industry.

Retail spending fell by a record 17.7 per cent in April, figures from the Australian Bureau of Statistics revealed on Thursday, as job losses, lockdown measures and economic impact of COVID-19 were fully realised.  

Kogan looks to have benefited from a surge in online spending during the COVID shutdown. 

Online sales soared 26.4 per cent in April, ABS data showed.

Kogan.com share were up 10 per cent at $12.55 in early trade and have now jumped more than 50 per cent since January 1.

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.