ProCook reports ‘strong performance’ in Q3

Procook’s new Gourmet Kiru Knives

Gloucester-based kitchenware specialist ProCook has reported “strong performance” in the third quarter, with revenues up 34.6 per cent to £23.1 million.

On a two-year like-for-like basis, sales were up by 104.1 per cent.

ProCook said it has outperformed the UK kitchenware market by +38.5 percentage points during the 12 week period.

E-commerce revenue represented 47.2 per cent of the sales mix. The website grew by +11.3 per cent year on year during the quarter against tough comparatives with a two-year growth rate of +214.3 per cent.

The total e-commerce performance of -7.0 per cent in quarter three, reflected the strategic exit of the Amazon UK marketplace at the end of June 2021.

Retail revenue grew by +124.3 per cent year on year during the quarter benefitting from less Covid-19 restrictions – approximately 45 per cent increase in available opening time in stores – improved conversion and average spend, and the net six new stores which opened during the year to date.

Revenue in like for like Retail stores grew by +51.9 per cent compared to the same period in FY20.

Looking ahead, the firm said it remained “well stocked” and anticipated that its retail outlets would not be hit by Covid-related closures.

“Our inbound supply pipeline remains strong and provides confidence that we are well positioned to meet customer demand in the months ahead,” said the company.

Daniel O’Neill, CEO & Founder, commented: “We are pleased with our strong trading performance during our third quarter and peak trading period, despite the recent impact of the Omicron variant.

“This highlights the strength of our multi-channel offer and our direct-to-consumer business model. I would like to thank all of our team for their energy and dedication to continually improving our customer proposition.

“The excellent progress we have made in attracting new customers to experience the ProCook brand, combined with our high-quality product range and excellent-rated service proposition provides further encouragement and excitement for the period ahead as we continue to share our passion for cooking and look to roll out further exciting initiatives.”