A number of shares are on the move today after the release of coronavirus updates.
Three that caught my eye are summarised below. Here's how they are being impacted by the coronavirus pandemic:
Kogan.com Ltd (ASX: KGN)
The Kogan share price is storming higher this morning after the ecommerce company revealed a sharp jump in sales in the third quarter and particularly in March. According to the release, Kogan's third quarter gross sales grew by more than 30% over the prior corresponding period.
Things were even better in March, with sales and gross profits increasing more than 50% on the same period last year. The closure of retail stores in March and its increased marketing spend appear to be supporting Kogan's strong top line growth.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price isn't faring as well on Tuesday. Its shares are dropping lower after releasing an update on its COVID-19 impact. Last month the company advised that it would shut its retail stores until at least April 22. This morning the company has revealed that its stores will now remain closed until at least May 11.
The company explained: "Our decision to temporarily close our retail stores is consistent with the clear message reiterated by the Prime Minister that the population should only leave the house when it is absolutely necessary to go out. As the Premier of Victoria has stated, no shopping trip is worth a life. Whilst our seven brands do sell much loved discretionary products, it is irrefutable that we are not an essential retailer." Positively, it revealed that all seven of its brands are currently trading strongly online in Australia.
Virgin Australia Holdings Ltd (ASX: VAH)
The Virgin Australia share price remains suspended on Tuesday as it fights for its survival. This morning the embattled airline entered voluntary administration. It has done this with the aim of recapitalising the business and helping it ensure that it emerges in a stronger financial position on the other side of the COVID-19 crisis.
The decision came after the company sought financial assistance from a number of parties, including State and Federal Governments, to help it through the unprecedented crisis, however was unable to secure the required support. The Velocity Frequent Flyer business, while owned by the Virgin Australia, is a separate company and is not in administration.
