The second big week of earnings season is ramping up, and one company that?s drawn attention today is Kogan.
The Australian e-commerce business reported a full-year net loss of $35.5 million - but that?s not the reason the company is making headlines.
The founder and chief executive has admitted that Kogan made a big mistake in responding to booming e-commerce sales during the pandemic lockdowns.
The buying frenzy fizzled out and the company was left holding excess inventory and had to spend more on marketing to sell it while also paying more for the third-party warehouses it relies on.
Kogan will not pay a final dividend to preserve cash and it?s also cutting staff numbers to further slash costs and product ranges in pursuit of returning to profitability.
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