ProCook warns on full year performance amid cost of living crisis

Foods &AMP Drink

10 June, 2022 | by The Retail Bulletin

Kitchenware manufacturer ProCook has warned on its full year effectiveness adhering to the affect of “increasingly challenging” current market problems.

The enterprise also explained it is presently trading from extremely powerful comparatives from the previous yr, when it benefited from pent-up demand from customers subsequent the lifting of Covid-19 restrictions and the reopening of retail outlets.

It verified that its like-for-like sales have weakened throughout all channels considering the fact that it issued a investing update on its efficiency for the fourth quarter ending 3 April. Nevertheless, its revenues continue being appreciably greater than the comparative pre-Covid period in 2019.

ProCook claimed: “We continue to catch the attention of an encouraging number of new consumers to the ProCook manufacturer (89,000 in the first eight months of the calendar year), reflecting the strength of our worth-for-dollars, high-quality kitchenware offer you, even so, we are looking at an impression on average devote, conversion and repeat fees in gentle of the tricky consumer backdrop.”

Hunting ahead, the company said it envisages that the kitchenware sector will continue to be remarkably demanding for the remainder of its latest economic year. As a result, it is anticipating its comprehensive yr income to be broadly in line with the past yr. 

It also anticipates providing an altered pre-tax gain for the time period of amongst £4 million and £6 million.  

Daniel O’Neill, chief executive and founder of ProCook, stated: “There are apparent and various pressures on consumers at current which are impacting discretionary commit throughout retail as a complete and kitchenware is no exception. Although we are nonetheless looking at a lot of new buyers getting the ProCook brand name and buying our items, it is apparent that many are tightening their belts.

“This makes a challenging limited-expression investing ecosystem, but does not distract us from our strategic priorities, as we work in direction of our mission of getting the to start with selection for kitchenware.”