Media reported that Kogan announced an expansion of their range to include white goods. For those who remember the demise of the Brashs chain in 1998, an early warning about their looming trouble was, similarly, the addition of white goods to their range. When a retailer expands into such a low margin category, they are most likely chasing store revenue growth at the expense of net profits. This may placate the stock market, but analysts should be wary. Particularly, given that Kogan himself apparently attempted to sell 10% of his holdings.