Kogan chief executive Ruslan Kogan has given a $500 bonus to his 200 staff.Credit:Josh Robenstone
The company told investors after market close on Monday that overall gross sales for the quarter jumped 30 per cent and gross profit increased 23 per cent,some of the largest single-quarter growth for these metrics it has posted in the last 18 months.
Active customers shot up 13 per cent to 1.8 million,with 62,000 new customers shopping in March alone,the largest monthly increase in active customers since Kogan’s 2016 IPO.
Loading
Pure play online retailers,such as Kogan and rival Amazon,are expected to be some of the biggest winners from the coronavirus crisis,with shoppers are forced online as hundreds of bricks and mortar retailers shut their doors.
Earlier this month,Kogan announced it would give each of its staff membersa $500 bonus and hire additional team members,a stark contrast to other retail companies that have been forced to stand down thousands of employees.
"I am extremely proud of the way our team has risen to the challenge of the current environment. Even more so,I am proud that the portfolio of businesses our team has created over the years has made us so resilient and foundationally strong,"chief executive Ruslan Kogan told investors.
Despite the huge rallies in both profit and sales,overall adjusted earnings before interest,tax,depreciation and amortisation (EBITDA) grew 4 per cent,dragged down by a significant 37 per cent jump in operating costs such as marketing and hiring.