How Kogan Sales surge by more 100% amid coronavirus? | ASX Market Update

June 05, 2020 08:06 PM AEST | By Team Kalkine Media

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Online shopping trader Kogan has reported a surge in sales during April and May even as coronavirus lockdowns restricted activity in the retail sector. Kogan said in a fourth-quarter progress report gross sales were up more than 100 percent from a year ago while gross profit improved more than 130 percent for the two-month period.

Most businesses across services sectors in Australia continued to see reduced activity in May, although the growth of decline slowed. The Australian Industry Group Australian Performance of Services Index rose by 4.5 points to 31.6 points in May, indicating another serious contraction in activity. Retail sector activity fell by a further 2.1 points to 28.0 points in May, the lowest monthly result on record as restrictions have resulted in low levels of trade.

Credit Corp Group Limited (ASX:CCP) announced the completion of the share purchase plan. SPP received strong demand from the qualified shareholders and the size of the share purchase plan was increased to $35 million (original target was $30 million) In total, the company raised $120 million via Placement and $35 million through SPP.

#Online #Shopping #Australia #CCP #Kalkine

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