Futures point to drop of 0.6pc; Profits due for Breville, ARB Corp, Kogan, Scentre Group. Gas prices climb, Australian dollar at US68.60¢. Follow all the results here.
Online retailer Kogan.com has posted a $35.5 million loss in FY22, down 1102 per cent from a profit of $3.5 million in FY21, and will increase the price of its Kogan First program to combat inflation in delivery costs.Kogan said the year was “significantly impacted by ongoing COVID-19 related interruptions and associated fluctuations in demand, experienced across the entire retail industry, resulting in increased logistics and other operating costs”.
Kogan founder and CEO Ruslan Kogan said the retailer misread the COVID-19 trading environment, having increased its range and volume of inventory and logistics footprint to match expected levels of growth. “This led to us holding excess inventory, and an associated increase in variable costs and marketing costs to sell through the inventory. As we’ve discussed at length through regular updates this past year, profitability in FY22 was impacted.”