Australia's Kogan.com jumps most in 8 weeks on return to profitability

Kogan.com

26/04/2023 01:49

** Shares of online retailer Kogan.com  KGN.AX  leap as much
as 6.7% to A$3.84, their best intraday gain since Feb. 28
    ** Says its adjusted EBITDA for the quarter was A$4.4
million, compared with a loss of A$0.8 million a year ago 
    ** Says its return to underlying profitability was powered
by correcting inventory levels, renegotiating supply contracts,
capital management strategies etc.
    ** Announces share buyback of upto 10% of its issued shares,
to begin on May 12 
    ** However, gross sales in quarter fell 28% to A$188.7
million due to inflation and rate hikes dampening market
conditions 
    ** Stock hits highest level since April 6 
    ** As of last close, stock up 2.9% YTD

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))