ProCook, the UK’s leading direct-to-consumer specialist kitchenware brand, today reports on Q2 trading results with revenue up 8.8% YoY (Q2: £17.0m). Ecommerce revenue increased by +12.2% and retail stores revenue was up 7.1%. Q2 LFL revenue was up 4.7% YoY. This meant H1 revenues were up 7.5%, and 4.2% on a LFL basis.
Ten new stores are planned in FY25, with four opened in the first half and ProCook are committed to opening a further six in the second half, with the majority anticipated to be open in time for the peak trading season. These new stores are in popular regional retail destination centres (list below) which benefit from strong visitor numbers that will support increased awareness of ProCook’s brand. Performance of the four new stores since opening is encouraging.
Outlook:
- Strong progress against the Group’s strategic priorities has been made in the first half of the year as we accelerate profitable growth to deliver our medium term objectives of 100 retail stores, £100m revenue and 10% operating margin.
- We have launched phase three of our new Electricals range during the summer and performance in this new category is supporting growth. We will be launching phase four (our new range of coffee machines and accessories) as planned during H2.
- We continue to make good headway in improving omnichannel service and in growing our customer base, as well as strong progress with our supply chain transformation programme which will deliver operating efficiencies and improved availability for our customers.
- We are well positioned for peak with enhanced Black Friday and Christmas campaigns planned, and strong inventory levels which we have prudently secured in advance given the significant disruption to the global freight markets.
- The Board is confident in the Group’s unique own-brand and direct-sourced operating model and is encouraged by the continued momentum in trading performance and the strong strategic progress made in recent months. Together this is establishing a solid platform for profitable growth in the period ahead.
Lee Tappenden, chief executive officer, commented: “We have continued to build on recent momentum and outperform the market, with strong trading in the second quarter, as we made significant progress in delivering our clear plan to accelerate profitable growth.
“We are pleased to be expanding our store network with ten new stores in prominent retail destination centres. Our growing range of high quality products at unbeatable value, combined with our outstanding customer service, resonates very well with customers and these new stores will bring our offer to more customers in the UK, enabling improved brand awareness and an increased share of the fragmented Kitchenware market.
“The Group’s trading momentum, encouraging performances from our new stores and strong product availability, positions us well for the important peak trading period. We look forward to continuing to build a stronger customer-focused business and deliver sustainable and profitable growth for all our stakeholders in the current financial year and beyond.”
FY25 store opening programme:
Location | Retail Centre | Anticipated opening |
Bracknell | Lexicon | Opened April 2024 |
Birmingham, Solihull | Touchwood | Opened August 2024 |
Newcastle | Metrocentre | Opened September 2024 |
Oxford | Westgate | Opened September 2024 |
Epsom | Ashley Centre | October 2024 |
Norwich | Chantry Place | November 2024 |
Exeter | Princesshay | November 2024 |
Guildford | High Street | November 2024 |
Birmingham, Dudley | Merry Hill | November 2024 |
Bournemouth | Castlepoint | January 2025 |
