Kogan eyes return to profit after ‘deep discounts’ push interim loss to $23.8m

 Online retailer Kogan (ASX: KGN) is confident it is on track for a return to profitability in the wake of a ‘turbulent’ period for the e-commerce sector with founder and CEO Ruslan Kogan declaring the business has been ‘right sized’ for growth.

The retailer reported a blowout in losses to $23.8 million for the first half of FY23, a result driven by what Kogan describes as a ‘drastic change in demand for online retail’.

The loss is up from an $11.78 million deficit a year earlier and was driven by heavy discounting of excess inventory during the half year, with some products sold below cost.

Read More: https://www.businessnewsaustralia.com/articles/kogan-eyes-return-to-profit-after--deep-discounts--blow-out-interim-loss-to--23-8m.html




Comments

Post a Comment

Popular posts from this blog

HOW DO YOU APPLY DISCOUNTS ON INVOICES?

Image
 Hi all, Discounts are one of the best tools to grab the attention of buyers as a business owner. I have used this technique to attract new buyers and sell more to my existing customers. It helps to increase sales and brings high profits that are effective in improving the cash flow. However, you need to make the adjustment in your invoices accordingly. First, you need to understand whether it is a cash discount or a trade discount and then you have to apply on the invoices. It is necessary to make the adjustment to GST as well. Here is an article that will explain this.     https://www.agibookkeeping.com.au/how-do-you-apply-discounts-on-invoices/
Read more

Charter Hall secures half stake in Melbourne's Southern Cross Towers

Image
 Property investment manager Charter Hall (ASX: CHC) has announced the acquisition of a 50 per cent stake in the Southern Cross two-tower complex in central Melbourne for an undisclosed fee from current joint owners Brookfield and Blackstone. The Sydney-based real estate giant, which has a portfolio spanning 1,506 properties worth $61.3 billion, will take part-ownership of a combined 126,000sqm of high-quality office space through its subsidiary Charter Hall Prime Office Fund (CPOF). Located at 111-121 Exhibition Street, the Southern Cross Towers occupy a prominent corner position with frontages to Exhibition, Little Collins and Bourke streets and provide access to transport, entertainment and sports precincts. Read More: https://www.businessnewsaustralia.com/articles/charter-hall-secures-half-stake-in-southern-cross-towers.html
Read more

Peter Warren Automotive to acquire Penfold Motor Group for $104m

Image
 Peter Warren Automotive Holdings (ASX: PWR) is making good on the acquisition strategy outlined in the prospectus for its April 2021 listing, reaching a deal to acquire Melbourne-based family dealership Penfold Motor Group for $104 million. The acquisition is set to give Peter Warren immediate scale in Victoria thanks to Penfold's 10 sites in south and east Melbourne, comprising an $88 million cash payment and $16 million worth of new PWR scrip for the vendors. Read More: https://www.businessnewsaustralia.com/articles/peter-warren-automotive-to-acquire-penfold-motor-group-for--104m.html
Read more