Kogan.com founder and chief executive Ruslan Kogan says cost of living pressures haven’t stopped Australians from splashing cash on TVs to satisfy their love of watching sport. With customers keeping a close eye on their budgets and opting to spend more time at home to save money, Kogan said the online retailer has been buoyed by higher sales for consumer staples such as TVs and appliances.
Meanwhile, luxury electronics – such as drones and DSLR cameras – that are particularly exposed to trends, had taken a back seat with consumers, Kogan added. Ruslan Kogan, founder and CEO of Kogan.com.
Credit: Louis Trerise “People are at home watching the Olympics, they’re watching the tennis grand slams, the footy finals and so on, which means that they’re buying new TVs. They’re buying new appliances for their house to help them live their best lives,” he said. “When there is a cost of living crisis and people are tightening their belts, we also see a lot of people come to us because they’re doing a lot more research.
We love an environment where people are shopping around.” Loading The online retailer’s full-year results on Monday showed a return to profitability. Kogan posted a net profit of $83,000 for the period following a loss of $25.
9 million in 2023. Full-year revenue clocked 6.1 per cent lower at $459.
7 million. “If you look on a year-on-year basis, our revenue went down, but you’ll see there are charts there that show that we have returned to growth,” Kogan said. Investors welcomed the numbers sending the retailer’s stock up over 15 per cent during trading.
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