BUZZ-Australia's Kogan.com sees worst day in over 5 years on subdued quarter

Reuters04-24

(Updates)

** Shares of Kogan.com dive as much as 27.7% to A$5.08, their biggest intraday fall since Oct 29, 2018

** Stock top loser in ASX All Ordinaries Index

** The online retailer reports a 6.2% drop in quarterly gross sales to A$178.3 mln ($115.73 mln) due to a reduction in inventories; posts a 2.4% decline in revenue to A$105.9 mln

** However, co reports a 13.8% rise in gross profit to A$39 mln due to higher gross margin

** Citi says co's qtrly update showed accelerating decline in its marketplace gross sales and decelerating growth in Kogan First member adds and gross sales, a "dramatic departure" from growth propsects shown in Jan update

** Brokerage sees consensus downgrades likely following the update

** "We remain unchanged in our negative view on the competitiveness of the business" - Citi

** Shares hit lowest since Jan 25

** Stock has risen 34.4% YTD as of last close

($1 = 1.5406 Australian dollars)

(Reporting by Archishma Iyer and Echha Jain in Bengaluru)

((Archishma.Iyer@thomsonreuters.com;))

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