Internet retailing has been one part of the market that has taken a bit of a beating lately. For example: Surfstitch, Temple & Webster and AHA Life. We did not invest in any of these. So it was good to see a company in which we did invest, Kogan, beat its prospectus forecast quite strongly. Kogan started out as an on-line retailer of consumer appliances/electronics and has expanded into many other product lines, selling big brands as well as its own private label. It listed in order to raise capital to accelerate the growth of its private label range. The Kogan result beat its prospectus revenue and margin forecasts solidly, and they continue to enjoy an increase in on-line visits of over 20% pa. While they will not be giving guidance until their AGM, a mix change towards more private label and higher margin verticals should further support a strong outlook.