TIDMPROC
RNS Number : 1628Z
ProCook Group PLC
10 January 2024
10 January 2024
ProCook Group plc
Third quarter trading update
Gaining market share in difficult trading conditions
ProCook Group plc ("ProCook" or "the Group"), the UK's leading
direct-to-consumer specialist kitchenware brand, today reports on
Q3 trading results for the 12 weeks ended 7 January 2024.
Quarter three Year to date
---------------- ---------------
GBPm FY24 YoY(1) FY24 YoY(1)
------ -------- ----- --------
Revenue 23.1 3.0% 49.4 (0.8%)
------ -------- ----- --------
Ecommerce 8.8 (6.0%) 17.9 (13.8%)
------ -------- ----- --------
Retail 14.3 9.5% 31.5 8.6%
------ -------- ----- --------
LFL Revenue(2) 21.7 (0.4%) 47.0 (2.6%)
------ -------- ----- --------
Ecommerce 8.8 (5.1%) 17.9 (10.2%)
------ -------- ----- --------
Retail 12.9 3.1% 29.1 2.8%
------ -------- ----- --------
Trading update
Total revenue of GBP23.1m in Q3, which included the important
peak trading period, increased by +3.0% year on year outperforming
the UK kitchenware market by approximately 10% points(3) . Total
LFL revenue was similar year on year in the quarter at -0.4%,
building on the improving trend in previous quarters (Q1: -7.9%,
Q2: -1.8%).
Ecommerce LFL revenue was -5.1% in Q3, reflecting disruption
during the first 6 weeks of the quarter following the launch of the
new website at the end of Summer, which was largely resolved in
time for Black Friday campaigns and benefiting, in the latter part
of the quarter, from the prior year adverse impact of home delivery
strikes.
Retail revenue growth of 9.5% in Q3 benefited from the opening
of two new stores in the quarter, as well as continued momentum in
LFL revenue with growth of 3.1%.
At the end of the third quarter, the Group held a net cash
position of GBP2.6m (FY23 Q3: GBP3.1m) with available liquidity of
GBP18.6m.
Outlook
Trading during the important peak period has been in line with
the Board's expectations. However, the macro environment remains
difficult for consumers, impacting bigger ticket and discretionary
purchases. Nevertheless, the Group has made good progress with
improving customer experience both online and in store and
enhancing value for customers through price reductions across much
of our range, supported by year on year cost reductions and
efficiency improvements.
Whilst mindful of the geopolitical impact on supply chains as
shipments avoid the Suez canal, which has the potential to cause
disruption and increase costs if sustained over a prolonged period,
we are well placed in the short term due to strong levels of
inventory availability across the product range.
We remain confident that, as a specialist retailer, our
high-quality and carefully curated product range which is 100%
direct-sourced and own-brand, paired with our excellent customer
service both in store and online, stands us apart from our
competitors. We are making good strategic progress in building a
stronger customer-focused business ready to accelerate as
conditions improve, to deliver profitable and sustainable growth
for all stakeholders.
Lee Tappenden, Chief Executive Officer, commented:
"I am pleased that trading metrics are continuing to improve
despite the difficult consumer backdrop, and that we have delivered
a robust Black Friday and Christmas trading period, outperforming
our market.
"Whilst we remain cautious about the timing and pace of market
recovery, we are confident in our proposition and energised by the
opportunities available to us to build an even stronger
customer-focused business as we continue to make good strategic
progress which will allow us to accelerate profitable growth as
trading conditions improve."
(1) YoY reflects year on year performance between the relevant
financial periods of FY24 (52 weeks ending 31 March 2024) and FY23
(52 weeks ended 2 April 2023).
(2) LFL (Like For Like) revenue reflects:
- Ecommerce LFL - ProCook direct website channel only.
- Retail LFL - Continuing Retail stores which were trading for
at least one full financial year prior to the 2 April 2023,
inclusive of any stores which may have moved location or increased/
decreased footprint within a given retail centre.
(3) UK Kitchenware market growth (excluding ProCook) calculated
using weekly GfK data and management estimates
For further information please contact:
ProCook Group plc investor.relations@procook.co.uk
Lee Tappenden, Chief Executive Officer
Dan Walden, Chief Financial Officer
MHP Group (Financial PR Adviser) procook@mhpgroup.com
Katie Hunt Tel: +44 (0)7711 191 518
Catherine Chapman
Next scheduled event:
ProCook expects to release its FY24 Q4 trading update in
mid-April 2024.
Notes to editors:
ProCook is the UK's leading direct-to-consumer specialist
kitchenware brand. ProCook offers a direct-to-consumer proposition,
designing, developing and retailing a high-quality range of
cookware, kitchenware and tableware which provides customers with
significant value for money.
The brand sells directly through its website, www.procook.co.uk
, and through its 60 own-brand retail stores, conveniently located
across the UK.
Founded over 25 years ago as a family business, selling cookware
sets by direct mail in the UK, ProCook has grown into a market
leading, multi-channel specialist kitchenware company, employing
over 600 colleagues and operating from its Store Support Centre in
Gloucester.
ProCook has been listed on the London Stock Exchange since
November 2021 (PROC.L).
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END
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