Kitchenware retailer ProCook has reported total revenue in Q3 increased by +11.2 per cent to £25.6m and like-for-like revenue increased by +3.4 per cent, outperforming the market by approximately +10 per cent and reflecting a continuation of the improving trend achieved over recent quarters (Q2 revenue growth +8.8 per cent, Q1 revenue growth +5.6 per cent).
Retail revenue increased by +12.4 per cent benefitting from like-for-like growth of +0.9 per cent, with the impact of new store openings contributing a further +11.5 per cent. eCommerce revenue increased by +9.2 per cent, reflecting like-for-like growth of +7.1 per cent driven by increased traffic.
Commenting on the results, Lee Tappenden, CEO, ProCook said:
“We have delivered a strong trading performance in the important peak period, continuing to outperform the market, whilst providing excellent-rated service to our growing customer base. Performance was particularly strong in the later part of the quarter as a result of the actions we took to elevate our Black Friday and Christmas campaigns this year, supported by improved promotional and seasonal product ranges, and stronger inventory levels.
This performance was in line with our expectations for the full year which, notwithstanding ongoing consumer uncertainty, reflects the typical benefit from second-half weighting of revenue and profitability, combined with our retail network expansion, margin improvements and ongoing cost discipline.”
We have made good progress against our strategic priorities and continue to invest responsibly in the areas that will support profitable growth in the medium term. We expect to open a further three new stores in the remainder of the financial year, taking the total up to 12 new stores this financial year.
We therefore remain confident in delivering continued strategic progress and sustainable growth over the medium term, as we work towards our ambitions of 100 stores, £100m revenue and 10 per cent operating profit margin.”
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