By Alex Druce
Shares in e-commerce firm Kogan.com were down more than 11 per cent in early trade as investors dumped the firm in the wake of a soft quarterly trading update.
Kogan - which soared during the pandemic - fell to an 11-month low $11.02 after it reported that sagging customer demand during the March quarter led to higher-than-expected storage expenses and a reduction in adjusted earnings.
Kogan said it had been increasing its promotional activity to improve its inventory position.
Kogan.com CEO Ruslan Kogan.
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âWhile short-term trading conditions can fluctuate, we remain focused and committed to our long term vision,â founder and chief executive Ruslan Kogan said.