Shares in online marketplace Kogan have sunk to three-year lows after the retailer reported a downbeat start to the new financial year.
Kogan chief says the Ukraine crisis and continued supply chain disruptions are creating an “very challenging” environment for businesses.
Supply chain issues are continuing to wreak havoc on the Australian retail market with Kogan hit particularly hard.
It is a nail-biting time for all retailers,whose yearly sales and earnings are heavily skewed to their performance over this weekend’s Black Friday and Cyber Monday.
Online retailer Kogan has been slapped with a strong protest vote against the company’s executive pay following a tumultuous year for the business.
Two earnings results – one delivered by Boral and the other from e-tailer Kogan.com – neatly illustrate how COVID is playing havoc with Australian businesses.
Kogan is hopeful a Christmas shopping blitz will fix its inventory woes after the business reported a steep decline in full-year profit,sending shares down.
Anyone keen to understand why the sharemarket is hitting record highs despite lockdowns would do well to pay attention to the corporate earnings season.
The competition and consumer watchdog is looking into concerns whether the online marketplaces use their dominance and data to squeeze sellers and consumers.
A slew of supply chain problems and piles of excess stock have prompted Kogan to axe its earnings predictions for the current financial year,stunning investors and sending its shares plummeting.
Online retail giant Kogan has said the business faced significant difficulties keeping up with demand during the bumper Black Friday and Christmas sales period.