Kogan?s net profit dropped $35.5 million for FY22 as the buying frenzy fizzled out.
The online retailer said it made a big mistake in responding to booming e-commerce sales during the pandemic lockdowns.
Chief Executive Ruslan Kogan said Kogan will not pay a final dividend to preserve cash and is cutting staff numbers as he looks to further slash costs and product ranges this year to return to profitability.
Kogan shares were down 7.3% to a nearly four-week low in morning trade.