Australian online retailer Kogan.com soars 22% on strong results, outlook

Kogan.com

26/02/2024 24:42

** Shares of Australian online retailer Kogan.com Ltd
 KGN.AX  rise as much as 22.2% to A$7.480, their highest since
Jan. 25, 2022
    ** Kogan.com marks its best intraday pct gain since late
July 2022, among top gainers in the ASX All Ordinaries index
 .AORD 
    ** More than 1.4 mln shares change hands, vs the 30-day
average of 504,623 shares
    ** Co posts 1H24 underlying NPAT of A$10.2 mln ($6.69 mln),
vs loss of A$9.6 mln a year earlier
    ** Says it expects 2H24 platform-based sales contribution to
continue growing, driving gross margin improvement
    ** Adds January group adjusted EBITDA A$4.9 mln, above
consensus, according to UBS
    ** Sees Kogan First loyalty programme delivering another
strong half in 2H24 and remaining key earnings contributor
    ** KGN up 17% this year, as of last close, vs 0.9% increase
in the ASX All Ordinaries index


($1 = 1.5239 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))