The department store group’s CEO John King says sales climbed 24.8 per cent for the five months ended December 31.
“As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year,” he said.But he said the group was still confident “in the continuing momentum we have” as it executed on its strategy of putting customers first.
Australia’s biggest department store chain said trading from its stocktake sale period was outperforming the previous year when the omicron variant caused a substantial downturn to foot traffic in bricks-and-mortar outlets. Profits are also projected to be significantly higher than before the pandemic, up between 54 per cent and 67 per cent on the first half of 2019-20.Online sales in August-December fell 9.4 per cent from a year ago, an indication of how strong online sales were in 2021 when stores were closed because of COVID-19 and customers cautious to return into stores upon reopening. Online sales account for 20.1 per cent of total sales.
Chief executive Ruslan Kogan said inventory levels at the group had been cut hard to $98.3 million, from $160 million at June 30. He believes Kogan.com’s value proposition will help it in the next few months as cost-of-living increases hit households. “The impacts of inflation and interest rates have begun to affect the lives of Australians and New Zealanders,” Mr Kogan said.
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