Despite slow iPhone sales, Kogan has reported positive results for the Christmas trade period, adding momentum to its stock performance.
In a statement, Kogan said that strong sales over Christmas gave the online brand the revenue it needed to offset a drop in iPhone sales. The business reported to the ASX that its revenue for the six months ending December 31 was up 9.7 percent YOY.
According to Founder and CEO, Ruslan Kogan, the surge in sales of exclusive and partner brand products during the last weeks of the year are to thank for the boost in revenue.
“Our team is proud to have delivered the best Christmas trading period the business has ever had,” he said.
Kogan’s exclusive brands revenue reportedly rose by 23.6 percent during the six-month period, while revenue from partner brands surged by 92.8 percent. The company also said that Kogan Mobile has seen a 75 percent increase YOY in the number of active customers.
While Apple sales were on the decline on Kogan’s platform, global brands like Samsung and Google led to an 8.5 percent boost in first-half revenue for the category.
However, much like in past updates, Kogan has blamed “the apparent avoidance of GST” by foreign websites selling into Australia for a 46.7 percent drop in its global brand revenue.
Poor performance in its global brand revenue, however, doesn’t seem to have made an impact, as the business’s positive growth for the key November and December trade period saw its shares rise by eight percent on Thursday, steadying by later in the evening.