Kogan.com reported solid growth in the September quarter, driven by an increase in Kogan First memberships, and optimisation of its inventory position.
Gross sales increased 21.1 per cent year-on-year (YoY), but gross profit declined 1.7 per cent on the same basis. Active customers grew 30.7 per cent YoY to 3.35 million as of the end of September.
The online retailer said it resolved previous inventory pressures, and closed a number of inefficient overflow warehouses. This reduction in inventory levels led to the company significantly reducing its warehousing costs.
Inventories reduced from $227.9 million (comprising $191.8 million in warehouse, and $36.1 million in transit) as of 30 June 2021, to $194.3 million (comprising $154.2 million in warehouse and $40.1 million in transit) as of 30 September 2021.
Kogan First’s membership base grew 171.1 per cent YoY and 64.4 per cent QoQ to 197,000 as of 30 September 2021, and over 210,000 as of today.