Australia's Kogan sees worst day in over four years on subdued quarter

Kogan.com

24/04/2024 01:49

** Shares of Kogan  KGN.AX  dive as much as 26.7% to A$5.15,
set to see their worst day since March 9, 2020 - if current
losses hold 
    ** Stock top loser in ASX All Ordinaries Index  .AORD  
    ** The online retailer reports a 6.2% drop in quarterly
gross sales to A$178.3 million ($115.73 million) due to a
reduction in inventories; posts a 2.4% decline in revenue to
A$105.9 million 
    ** However, co reports a 13.8% rise in gross profit to A$39
million due to higher gross margin 
    ** Shares hit lowest since April 5 
    ** Stock has risen ~34.4% this year as of last close


($1 = 1.5406 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))