Kogan.com Ltd (ASX: KGN) is one of those ASX 300 shares you just can't take your eyes off. Today was no exception as the Kogan share price rocketed 7.5% higher after a response to an ASX query this morning.
Image source: Getty Images
What's driving the Kogan share price higher?
Kogan responded to some of the market operator's queries about its third quarter update. The Kogan share price plummeted 13% last Friday following the update as investors were unimpressed by the latest sales figures.
Kogan reported gross sales up 47% and revenue up more than 65% for the March quarter. Gross profit was up more than 54% but adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) slumped more than 24% lower.
However, Kogan was issued a please explain by the ASX Ltd (ASX: ASX) limited for what it saw as vague statements in the report. Full details of those queries and responses can be found in this earlier Fool report here.
Kogan clarified some of the measures used in calculating these headline figures and adjustments made to EBITDA. Kogan's Exclusive Brands revenue jumped 63.9% for the quarter to $88 million while Third-Party Brands revenue was up 13.6% to $60.1 million.
Clearly, investors were happier with today's update than the initial figures. The Kogan share price has been climbing higher since the open and is up 7.4% heading into the close.
It may not be just the quarterly results helping push the Kogan share price higher. The big news in the ASX retail world was that the JB Hi-Fi Limited (ASX: JBH) CEO has been poached.
CEO Richard Murray will depart the electronics retailer to become CEO of the Solomon Lew-led Premier Investments Limited (ASX: PMV). Mr Murray's reputation in the market was reflected in the respective share price moves today.
The JB Hi-Fi share price fell 4% on his departure news while Premier shares gained 2%. The appointment sees the respected CEO leave one of Kogan's major rivals. Investors appeared even happier to bid up the Kogan share price this afternoon following the news.
