ProCook posts improved fourth quarter trading
Kitchenware retailer ProCook has reported improved trading in its fourth quarter after launching a new small electricals range, enhancing the customer experience, and delivering improved value.
Total revenue in the 12 weeks to 31 March rose by 4.8% to £13.2 million while like-for like sales turned positive with growth of 1.5%.
Retail revenue increased by 8.9%, with like-for-like sales up 4.3%, following the opening of two new stores in the previous three-month period. In addition, Procook upsized and relocated an existing store in the fourth quarter, which was partly offset by the closure of three smaller garden centre stores and a cookery school.
Meanwhile, online like-for-like revenue fell by 2.5%, although this was an improvement on the 5.1% decline seen in the retailer’s third quarter.
The results meant that ProCook’s full year revenue edged up 0.4% to £62.6 million.
Lee Tappenden, ProCook chief executive officer, said: “I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.”
ProCook now expects its full year underlying pre-tax profit to come in marginally ahead of market expectations. at £0.5 million to £1 million.
Tappenden added: “Despite the market remaining subdued, we are gaining share giving us confidence that our proposition continues to resonate with consumers.
“We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve.”
