I don't follow KGN but am broadly aware the company's had an...

I don't follow KGN but am broadly aware the company's had an "interesting" history.

Is the c.25 per cent decline in the SP to around A$5.23 due to it not meeting analysts' expectations, even though (despite a drop in gross sales), some other indicators at face value seemed positive, part from what cheesepope stated above?

This is how 'The Oz' online puts it (much of which is a cut and paste):

Kogan's gross profit jumps 14pc

Valerina Changarathil

Online retailer Kogan's gross sales and revenue fell in the March quarter amid its focus right-sizing its inventory, but it still delivered impressive subscriber growth and gross profit and margin gains.

Gross sales of $178.3m were 6 per cent lower than the prior corresponding period with revenue down 2 per cent to $105.9m. Gross profit of $39m was a near 14-per cent lift, driven by an improved gross margin of 36.8 per cent. It reported 2.66 million active customers – 1.95 million for Kogan.com and 710,000 for Mighty Ape.

Kogan First subscribers totalled 472,000 at the end of March – before the membership cost was increased from $99 to $129 on April 8.

Kogan told investors its return to strong profitability continues with adjusted earnings before interest, taxes, depreciation and amortisation of $9m, up from the prior corresponding period's $4.4m result. Adjusted EBIT was $5.3m, compared to $200,000 in the pcp.