Kogan.com Ltd (ASX: KGN) share price is in focus today after the e-commerce retailer announced its FY21 results.

Kogan has been reporting one to investors for some time very difficult second half of FY21, including demurrage costs. This has been reflected in the regulatory figures reported.

Other e-commerce companies such as Redbubble Ltd (ASX: RBL), Temple & Webster Group Ltd (ASX: TPW) and Cettire Ltd (ASX: CTT) recorded in the volatility in the last few months. The price of Kogan’s stock has been very volatile since the appearance of COVID-19.

Gross sales rose 52.7% to $ 1.18 billion, while sales increased 56.8% to 780.7 Million US dollars increased.

Kogan.com’s active customers increased 46.9% to 3.2 million. Mighty Ape closed with 764,000 active customers.

Kogan has a few moving parts, so let’s take a look at some of the different segments.

Kogan’s exclusive brands saw sales grow 62.5% to 378 million US dollars on 63.4% gross profit growth. Third-party brand sales grew 18.9% to $ 271.7 million with gross profit growth of 10.1%.

Kogan Marketplace posted gross sales growth of 91% and sales growth of 79% to US 23.4 million – For the seven months ended June 30, 2021, Mighty Ape had $ 80.2 million in revenue for Kogan, $ 19.9 million in gross profit, and $ 6.9 million in adjusted EBITDA ( EBITDA Explained) and $ 3.7 million Adjusted Net Income added. For the 12 months ended March 31, 2021, Mighty Ape projected EBITDA of $ 14.3 million to be achieved.

Total gross income increased 61% to $ 203.7 million. Total adjusted EBITDA increased 24% to $ 61.8 million. But statutory EBITDA more than halved to $ 22.5 million. Adjusted net income rose 43.2% to $ 42.9 million. Management believes this is a good measure of underlying profitability as it removes items such as foreign exchange, stock-based compensation and “one-time, non-recurring” items. These items include $ 7.7 million in COVID-19-related logistics costs and $ 12.8 million in Mighty Ape acquisition costs.

Actual net income fell 86.8% to just 3.5 million US dollars back. Adjusted earnings per share (EPS) increased 27.2% to $ 0.41, while statutory earnings per share decreased 88.3% to $ 0.03.

Net cash at the end of the reporting period was 12 $ 8 million. But Kogan decided not to pay a final dividend.

In FY22, it expects “strong growth” among Kogan First members, continued growth in exclusive brands, further improvement and development of the Kogan Marketplace and the benefits of full integration from Mighty Ape.

Kogan expects to implement logistics projects that do not require significant capital and can be supported by the current balance sheet.

July 2021 showed some positive signs. Gross sales increased 5.1% year over year, with gross profit margin improving from June 2021 but below July 2020. Adjusted EBITDA for the month was $ 2.1, reflecting high operating costs that are gradually falling. The deal was $ 215.4 million.

In the first 18 days of August 2021, it grew 24.5% in gross sales and 25% in gross profit compared to July 2021.

In response to this report, Kogan’s stock has fallen 9%. A lower price can be helpful to potential investors.

If Kogan can stabilize and start again with increasing profit margins while revenue growth continues, it could be a good idea because of the network effects of a scalable e-commerce company. < If you'd like to learn how to do your own ASX company valuations, take our free stock valuation course, which takes you step-by-step through six common stock valuation techniques. Or if you're just getting started, try our beginner's course on stocks. Both are free.

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