Kogan shares tumble despite record $1 billion sales. Joe Gallop | 26 Aug 2026 Kogan's shares have plunged despite the online retailer delivering record gross sales of more than A$1 billion, as investors remain concerned about Australia's weakening retail environment and problems at its New Zealand business. The company reported gross sales of A$1.042 billion for FY26, up 12% year-on-year, while group revenue increased 5% to A$510.7 million. Its core Kogan.com operation performed more strongly, with revenue rising 16.2% to A$425.2 million and adjusted EBITDA climbing 22.4% to A$45.1 million. However, the results sent Kogan shares down more than 16% during trading. Investors appeared to focus on group statutory net profit after tax of A$11.2 million and continued weakness at New Zealand subsidiary Mighty Ape, which recorded a A$5.1 million statutory net loss. Kogan founder and chief executive Ruslan Kogan said the company was gaining market share from international competitors including Amazon and Temu, despite cost-of-living pressures weighing on consumer spending. Kogan Products, which includes the company's house-brand and third-party ranges, increased revenue by 18% to A$304.6 million. Kogan claimed it now holds more than 10% of Australia's television market, while furniture has emerged as one of its fastest-growing categories. Combined revenue from Kogan First and Mighty Ape's PRIMATE subscription programs rose 14.3% to A$61.4 million, supported by more than 500,000 active members. Kogan said the A$129-per-year Kogan First program allows it to operate much of its retail business at close to cost price for subscribers while generating recurring revenue through membership fees. The retailer has also deployed AI and automation across customer service, product and operational functions to improve margins and lower costs. Mighty Ape underwent a major operational reset during the year, including reducing inventory from about A$21 million to A$10 million and closing its Christchurch warehouse. Kogan finished the financial year with A$36.4 million in cash and no external debt. It declared a fully franked final dividend of eight cents per share, taking its FY26 dividend to 16 cents.

Online retailer Mighty Ape has teamed with One NZ to launch Mighty Mobile, a new mobile virtual network operator (MVNO) challenger.