What is behind Kogan’s (ASX:KGN) upward march on ASX today?

By - Ritwika

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  • Kogan shared some business updates from FY22 today.
  • Backed by this update, Kogan’s share price went up over 9% on ASX at 1:18 PM AEDT today (24 November 2022).

Online retailer Kogan.com Ltd (ASX:KGN) came up with its FY22 business updates as addressed by the Director and Chief Executive Officer (CEO), Ruslan Kogan, today. Followed by this update, Kogan was spotted trading on a stronger note on ASX on Thursday afternoon. 

Kogan’s share price marked a gain of 9.329% on ASX to AU$3.750 per share as of 1:18 PM AEDT today (24 November 2022). 

Meanwhile, the share price of Kogan has declined by over 57% on ASX in the last 12 months. On a YTD basis, the company’s share price came down below 56% on ASX (as of 1:18 PM AEDT today). 

Details of Kogan’s business updates in FY22 

During FY22, Kogan’s marketplace seller community grew by 49% year-on-year, and gross sales went up by 20% year-on-year. The online retail platform has now joined hands with thousands of marketplace sellers to offer several products to its customers. 

As a result, Kogan’s proprietary marketplace platform was recognised as the Top Australian Marketplace in 2022, in a reputed award program during FY22. 

Kogan’s Loyalty program has also shown rapid growth in FY22 as more and more customers learned about the exceptional value offered to them. Kogan’s loyalty subscribers have tripled to 372,000 over the last financial year (FY22).  

Furthermore, FY22 has also marked the first full year with Mighty Ape being a part of Kogan. Mighty Ape has executed some significant projects in FY22, such as the Jungle Express delivery service. 

Both Kogan and Mighty Ape must continue to work together to achieve synergies across the Group, offering benefits in the coming years, said the CEO and Director of Kogan, Ruslan Kogan.

Ruslan Kogan, Director, and CEO, Kogan.com, said: