Ann: Kogan.com quarterly Cash Flow Statement and Trading Update, page-122

Just to expand on the #4. Researching online retailers, you will find that Christmas period is very different to others whereby expenditures tend to go up as company is trying to plan for traditionally stronger trading period. You will find that managing inventory has been a forte for Kogan and he has a kept it lean and dynamic, moving from what's hot to what's hot. While the nature of retail is a little unpredictable a company needs to plan well and possibly have all bases covered during that time (one doesn't want to get caught short during this time, it's suicidal). A thorough examination and research would take into consideration not just the one period but look at the business from a growth point of view on a 12 month basis and use quarterlies as a guide to which periods are strong and which ones aren't as strong.