Australian eTailer Kogan has celebrated its 15th year in business with record trading results.
The business reported gross sales were up 59.7% to $1.179 billion in FY21, compared to $772.3 million in FY20.
Revenue also lifted, increasing 56.8% to $780.7 million, while gross profit jumped up by 61% to $203.7 million.
Kogan CEO Ruslan Kogan praised the team for their hard work to help deliver the results.
"Over the past 12 months, Kogan turned 15 years young, surpassed $1 billion in gross sales for the first time ever, surged past three million active customers, had record-breaking Black Friday sales, and made our largest ever acquisition to accelerate our expansion into New Zealand.
"It's been a challenging year for so many people around the country.
"I'm proud that our team remained focused through difficult COVID-impacted operating conditions and found ways to support our customers when they needed our help most," he said.
However, it wasn't all highlights for Kogan in FY21.
The business reported that net profit after tax (NPAT) was down 86.8% to $3.5 million in FY21, compared to $26.8 million in FY20.
According to the business, this result reflects "one-off inventory, logistics and Mighty Ape acquisition costs."
"Late last year the company was facing volatile and dynamic trading conditions and took a view that the levels of demand during the first half of FY21 would likely continue into the second half, and potentially grow further still," the business said in a statement.
"The company invested in inventory and operational capacity to be able to fulfil that growth.
"Consumer demand did not increase at the rate forecast, and various supply chain and logistics disruptions caused the company to end up with a high inventory position in 2HFY21.
"To address this, the company placed a strong focus on promotional activity in the second half to support the rebalancing of inventory," the business said.
However, Kogan reports that inventory levels are now returning to the right levels.
Other key results include a 46.9% increase in active customers to 3,207,000.
Net cash at the end of the financial year was $12.8 million.
Ruslan Kogan added that the eTailer will continue to improve its services going forward.
"Over the next year we'll be rolling out new and exciting projects to further support our loyal Kogan community with Kogan First membership rewards, new and improved delivery solutions, and further enhancements to the online shopping experience.
"Over the past 18 months we have witnessed a massive swing towards the eCommerce retail revolution, one Kogan has been ready and waiting for, for well over a decade.
"We look forward to continuing our quest to delight our customers by making the most in demand products and services more affordable and accessible," he said.