Kogan shares hit 7-month low after update
Kogan shares were down 72 cents, or 11 per cent, to $5.90 in a higher Australian share market at 1314 AEST – the lowest level for the stock since Christmas.
CommSec market analyst Steven Daghlian said the shares have been under some pressure since hitting a record high of $9.85 on March 16.
Kogan achieved a five-fold surge in value last year, and the stock is down around 13 per cent so far this year.
The ASX-listed merchant says the lift in earnings before interest, tax, depreciation and amortisation came on the back of a more than 40 per cent jump in revenue from last year’s $289.5 million.
Kogan says it had 1.4 million active customers at the end of June, up 45 per cent from a year earlier, and was holding cash of $41.99 million.
Kogan founder and chief executive Ruslan Kogan was upbeat about the group’s future in the company’s statement on Tuesday.
“We are excited about all the growth initiatives we are implementing, as we continue to make the most in-demand products and services more accessible and affordable for our customers,” Mr Kogan said.