ProCook has said it has “significantly outperformed” the UK kitchenware market as both sales and profits increase.
The kitchenware retailer reported total revenue of £69.5m in the 52 weeks to March 30, a jump of 11%.
Like-for-like revenue increased 4.9%, while underlying profit before tax leapt 50.9% to £1.5m
Retail revenue increased 10.3% and 1.5% on a like-for-like basis, now reaching seven consecutive quarters of like-for-like growth.
Ecommerce revenue increased 10.3% on a like-for-like basis and underlying EBITDA grew 31.3% to £8.9m.
As part of its medium-term strategy, ProCook plans to open 100 stores in the UK, reach £100m in revenue and 10% operating profit margin.
It opened 12 new stores last financial year, launched more small kitchen electricals such as coffee machines, improved its seasonal campaigns over key trading periods and brought on 737,000 new customers.
The retailer said it has had a “good start” to the new financial year as total revenue in the first quarter increased 13.7% year-on-year with like-for-like sales growth of 2%.
It expects another year of revenue growth, driven by improvements in digital marketing and ecommerce and the planned opening of between five and ten new stores.
Chief executive Lee Tappenden said: “We have delivered a strong full-year performance, achieving record sales and improving the group’s profitability and cash position, reflecting considerable progress with the execution of our clear strategy.
“Our successful store opening programme, electrical range expansion and improved promotional and seasonal offerings, combined with enhanced marketing and customer experience, have enabled us to build momentum through the year and significantly outperform the market.
“Looking forward, whilst we are mindful of the uncertain geopolitical backdrop, our ongoing momentum is underpinned by record active customers and customer acquisition. We will continue to realise the benefits of the strategic progress we have made in the last year, including our store expansion programme and the improved brand awareness that it brings.
“We have the opportunity to accelerate this further through continued progress in digital marketing and ecommerce performance and further new store openings in the current year.”
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