ProCook ‘outperforms market’ as sales and profits rise
ProCook said it has “significantly outperformed” the UK kitchenware market as it reported a jump in profits and sales.
ProCook said it has “significantly outperformed” the UK kitchenware market as it reported a jump in profits and sales.
The retailer delivered a 60% increase in underlying pre-tax profit to £1.5m in the 52 weeks to 30 March, up from £1m the year before.
Revenue increased 11% to £69.5m, driven by a 10.3% surge in retail sales to £44m and 12.3% uplift in ecommerce to £25.5m. Online sales for the business were boosted by the ProCook’s relaunch of a curated range on Amazon UK.
During the year, the retailer opened 12 new stores and closed three smaller garden centre stores. It takes the store portfolio up to 66 – more than halfway to its target of 100 stores.
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ProCook chief executive Lee Tappenden said: “We have delivered a strong full year performance, achieving record sales and improving the group’s profitability and cash position, reflecting considerable progress with the execution of our clear strategy.
“Our successful store opening programme, electricals range expansion and improved promotional and seasonal offerings, combined with enhanced marketing and customer experience, have enabled us to build momentum through the year and significantly outperform the market.
“The group has had a solid start to the new financial year with continued trading momentum to deliver the seventh quarter of consecutive revenue growth,”
Tappenden said the group experienced a “solid start” to the new financial year, with first quarter sales up 13.7% to £12.8m or up 2% on a like-for-like basis to £11.2m.
The executive added: “Looking forward, whilst we are mindful of the uncertain geopolitical backdrop, our ongoing momentum is underpinned by record active customers and customer acquisition.
“We will continue to realise the benefits of the strategic progress we have made in the last year, including our store expansion programme and the improved brand awareness that brings.
“We have the opportunity to accelerate this further through continued progress in digital marketing and Ecommerce performance and further new store openings in the current year.”
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