Shares of online retailer Kogan have surged almost 40% following the release of a FY2022 business update.

According to the update, the company expects to report total gross sales of $1.18 billion over the past year, and a gross profit of $184.6 million.

The company?s founder said in his commentary that Kogan is well-placed in the current retail landscape.

?Times are changing. In uncertain times, people don?t want to alter their lifestyle but they are happy to shift the way they shop.

We know that in an environment where great value becomes even more important, serves an important need,? said Kogan founder and CEO Ruslan Kogan.