Australian e-commerce giant Kogan.com has reported a steady performance for the quarter ending June 2024, with a return to revenue growth despite a 1.5% year-on-year (YoY) decline in gross sales to $154.6 million.

The results were skewed by declines in the Mighty Ape business, which Kogan acquired in 2020 – excluding Mighty Ape, gross sales were $154.6 million, a modest 1.2% growth.

Revenue for the quarter was $105.6 million, a marginal 0.2% increase YoY. Excluding Mighty Ape, Kogan’s revenue was $75.9 million, a 6.8% growth YoY.

Gross profit for the quarter was $39.9 million, a 1.5% increase on a per customer basis. Adjusted EBITDA for the quarter was $9.5 million, compared to $6.8 million in Q4 FY23. Adjusted EBIT for the quarter was $5.7 million, compared to $2.8 million in Q4 FY23.

The company’s loyalty program, Kogan FIRST, has seen significant growth, now boasting over 502,000 subscribers, marking a 25% year-on-year increase.

As of 30 June 2024, the company had cash totalling $41.2 million, with no external debt. Inventories totalled $73.4 million as at 30 June 2024.

“Cost of living pressures are driving customers to Kogan.com and we’re working harder than ever to ensure we save our customers a lot of money. While Kogan FIRST Subscribers are saving a lot of money shopping online, they are also recognising that if their essential services like phone plan, electricity or NBN isn’t with Kogan.com, then they’re probably paying too much,” said Founder and CEO of Kogan.com, Ruslan Kogan.

“It’s incredible to reflect on the fact that we launched Kogan FIRST just four years ago. In that time, we have significantly expanded the program’s benefits, and it’s fantastic to see over half a million smart shoppers recognising this value. We provide them with exceptional deals on the most in-demand products and essential services,” Kogan said. “Having ended the financial year on a high, our team is thrilled to carry this momentum into FY25. We remain committed to consistently delivering even more remarkable value to our millions of customers every day.”

Kogan.com also announced plans to change the scheduled frequency and content of its business updates from FY25.