Kogan’s Mighty Ape Faces Challenges
Listed electronics retailer Kogan has announced that its New Zealand online business, Mighty Ape, is unlikely to return to profitability until the next financial year due to technical challenges from a recent website upgrade. This has led to a 63.7% decline in adjusted earnings to $2.5 million over the last four months, with Kogan’s shares dropping 8.4% in early trading. Despite the difficulties, early signs of recovery are noted, and group active customers increased by 27.3%, while Kogan’s overall revenue declined slightly by 0.7% during the period.
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