ProCook posts drop in sales after challenging summer
ProCook has seen its second quarter revenue fall by 9.1% year-on-year after a challenging summer, although it is looking ahead to a pre-Christmas sales boost.
The kitchenware retailer said the year-on-year decrease was driven by the combined effects of heightened pressures on consumer spending, the prolonged hot summer weather and the return of overseas summer holidays.
However, revenue was up 110.4% on a like-for-like basis compared to pre-pandemic levels and ProCook said it was encouraged by a much-improved run rate as it exited the quarter.
During the period, the retailer attracted 320,000 new customers and increased its 12-month repeat purchase rate to 25.3%. It also opened one new store and completed two relocations to larger sites in the same shopping centres
Daniel O’Neill, chief executive and founder, of ProCook, said: “Whilst the consumer and macro environment remain uncertain, we are pleased to have seen a marked improvement in recent trading, as we enter the important pre-Christmas trading period.
“We remain confident in our specialist offer, with quality product ranges and fantastic service underpinned by our value-for-money credentials across all price points.”
ProCook is expecting its full year underlying pre-tax profit to be within the previously guided range of £4 million to £6 million.
O’Neill added: ““We are focused on building on our recent trading momentum and strong foundations to develop the ProCook brand, strengthening our market position and customer proposition, and we continue to invest in areas that will improve our operational efficiency and capacity. This will leave us better placed to capture further growth opportunities as trading conditions improve.”
