I don't like the way management spins results. It is all well and good to trumpet record sales and record revenue, but part of the cost of achieving that has tanked the NPAT via the logistics charges, whereas management is focusing attention on adjusted NPAT, which excludes that impact.
I hope this is well explained on the investor call this morning and I am going to dig into the numbers.
If I can't trust management not to spin the numbers, I'll be out.
Ann: Kogan.com FY21 Results Presentation, page-3
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