Pureplay, listed online retailer Kogan said its gross sales fell in the first half of the current fiscal year amid inventory reduction as the company continues its evolution into a more light-capital business.

Kogan’s gross sales fell 5.6 per cent year over year to $445.4 million in the first half ended December 31 last year.

However, gross profit increased 42.1 per cent to $89.5 million and gross margin improved to 36 per cent. Adjusted EBITDA also swung to $21.5 million from a loss last year.

The share of the company’s platform-based sales rose to 62.8 per cent of gross sales.

“The past six months have seen Kogan.com go from strength to strength, delivering on multiple projects for our customers and ensuring we continue to help customers live their best lives by offering remarkable value,” said Kogan founder and CEO Ruslan Kogan.

In addition, the company noted its Kogan First loyalty program subscriber base rose 15.3 per cent to 466,000 while subscribers to its New Zealand loyalty program Mighty Ape Primate climbed 50 per cent to 24,000.

Kogan operates a wide range of retail and service businesses, including Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Money, Kogan Cars, Kogan Energy, Dick Smith, Matt Blatt, Mighty Ape, and Brosa.