D2C kitchenware brand, ProCook, is planning 10 new store openings on the back of strong Q2 results.
ProCook reported an increase in revenue of 8.8% YoY (Q2: £17m). 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.
10 new stores are planned in FY25, with four opened in the first half and ProCook is committed to opening a further six in the second half, with the majority anticipated to be open in time for the peak trading season.
The new stores are in popular regional retail destination centres 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.
During the first half, ProCook has reported strong progress against the group’s strategic priorities as it accelerates profitable growth to deliver its medium term objectives of 100 retail stores, £100m revenue and 10% operating margin.
The group also launched phase three of its new electricals range during the summer and performance in this new category is supporting growth. Phase four (a new range of coffee machines and accessories) is planned for H2.
ProCook said it has enhanced Black Friday and Christmas campaigns planned during the second half and strong inventory levels which it has prudently secured in advance given the significant disruption to the global freight markets.
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.”
