Kogan.com has been a challenging stock for investors to hold. The company’s FY22 inventory missteps severely compressed margins and undermined management’s credibility, contributing to a share price decline of more than 80% from its pandemic-era highs. For a time, the investment thesis appeared fundamentally broken. However, beneath the market pessimism, the business was undergoing a significant operational restructuring, and FY25 results indicate that these efforts are beginning to deliver tangible outcomes.
The core Kogan.com platform reported gross sales growth of 20% to $794 million in FY25, while active customers increased 48% to 2.8 million. . .
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