ProCook on track after strong holiday retail performance
By Josh White
Date: Thursday 12 Jan 2023
(Sharecast News) - Kitchenware retailer ProCook reported total third-quarter revenue of £22.4m on Thursday, including the peak holiday trading period, which was down 2.5% year-on-year.
The London-listed company said that excluding revenue from discontinued Amazon channels, however, total revenue was up 0.8% for the 12 weeks ended 8 January.
Total like-for-like revenue declined 3.8% in the quarter, although it remained 108.7% higher than the pre-pandemic comparator in the 2020 financial year.
During the final four weeks of the quarter, total revenue grew 2.9% year-on-year, or 5.9% excluding the Amazon channels, with a "notable shift" in the company's channel mix towards retail.
The board put that down to customers returning to physical stores prior to Christmas, partly driven by the risk to home delivery amid strikes.
"While we remain mindful of the current economic climate, the group's recent performance positions it well to deliver on current market expectations for the full year," said founder and chief executive officer Daniel O'Neill.
"Our plan to maximise our trading performance and profitability will enable us to emerge stronger from the challenging trading environment and we remain confident that we will capture increased share of the large kitchenware market with our specialist offer."
At 0814 GMT, shares in ProCook Group were up 10.09% at 31.38p.
Reporting by Josh White for Sharecast.com.
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