ProCook revenues dip 1.8% in Q2

ProCook has seen revenues dip by 1.8% to £15.7m in the second quarter of the year, excluding the impact of its exit from Amazon EU last year which resulted in a “modest” UK market share gain.

Over the period, there were improvements in both ecommerce and retail channels compared to the first quarter, where like-for-like revenues were down 7.9%. 

The group said it also saw a continuation of the channel shift back towards physical retail stores that it has experienced over the last two years.

According to the retailer, its latest results reflect a strong summer sale performance during July and August, aided by “more favourable” weather. Trading in September and into early October was “markedly softer” however, with lower footfall and traffic.

Looking ahead, the group said it remains “cautious” with regards to its FY24 outlook, given the “highly challenging” ongoing market conditions, and the current trading volatility and sales trends over recent weeks.

Lee Tappenden, CEO, said: “My first few weeks with ProCook have reinforced my appreciation of our unique customer proposition, product quality and service excellence across our business. I am highly excited by the many opportunities we have to further develop our proposition and business in the next chapter ahead of us.

“Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment. We are focussed on delivering even greater value for our customers throughout the important peak trading period and beyond.”

He added: “We continue to build on ProCook’s strong foundations to strengthen our proposition and brand awareness, expand our product range and store portfolio, and invest in the areas that will improve our operational efficiency and capacity. This will leave us well placed to capture the many growth opportunities available to us as trading conditions improve.”