Shares in the one-time market darling are sitting at less than one fifth of the value they reached in October 2020.
In its March quarter trading update, inventory levels were still high at $194 million, made up of $170 million in warehouses and $24 million in transit. Mr Kogan said there had been a reduction in inventory levels in transit. Kogan has 29 warehouses in Australia and New Zealand.
Kogan.com has tried to strike a balance between bringing in extra products as a buffer against the creaking global supply chains, but this has been a drag on profits.Demand jumped among online shoppers during the lockdowns in Sydney and Melbourne from July to October last year. But that also brought some extra headaches for customers across the industry because of delays in deliveries to customers.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meta shares soar as Facebook returns to user growthThe social network added more users than projected, potentially staving off concerns that it’s losing momentum as a new generation flocks to sites like TikTok.
Read more »
HWL Ebsworth boss sued for underpaying super, profit sharesThe case against Juan Martinez could be a game changer for how law firms operate if the court finds salaried partners are actually employees.
Read more »
Beforepay shares jump on declining loss ratesThe fintech says it’s adding users and paring back losses on its long road to profitability.
Read more »
Amazon sees first loss since 2015 as shares tumble 10%Tech giant’s revenues grew at a sluggish 7% in the first quarter to $116.4bn as shoppers switch back to bricks and mortar
Read more »
ASX LIVE: Australian shares to open higher; Ramsay profits tank; ResMed revenues up; Apple beats, but Amazon, Intel disappoint; $A hits $US wall; oil, iron ore up.Australian shares to open higher; Ramsay profits tank; ResMed revenues up; Apple beats, but Amazon, Intel disappoint; UBS lifts Fortescue target; $A hits $US wall; oil, iron ore up.
Read more »
Microsoft waves off macroeconomic worries with bullish forecastSatya Nadella, chief executive, predicted tech spending would remain strong even if economic growth slowed.
Read more »