ProCook store openings offset ‘subdued’ sales around Budget

Kitchenware retailer ProCook has revealed stronger sales as new stores helped to offset weak trading around the autumn Budget.

The high-street firm, which runs 64 UK shops, hailed a “strong performance” over the latest half-year but saw like-for-like growth slow in more recent weeks.

Boss Lee Tappenden said the company witnessed a “subdued start” to the latest quarter amid caution close to the Budget.

Total revenues grew by 7.5% over the first eight weeks of the third quarter, up to December 8.

It said growth was supported by the opening of five new shops, as like-for-like sales increased by 0.9%.

This came as retail sales were knocked by “weak footfall” in the first weeks of the period, but it reported that demand had since improved.

And it followed a jump in group revenues by 7.5% to £28.3 million for the 28 weeks to October 13, with like-for-like growth of 4.2%.

This was supported by stronger online sales and the opening of four stores over the period.

Mr Tappenden, the company’s chief executive, said: “We are pleased with trading results in the first half of the year.

“Whilst the important Q3 trading period had a subdued start in the early weeks coinciding with the Budget event, and a later Black Friday, year-on-year we are well positioned to take advantage of the improved momentum we are now experiencing, supported by our Christmas campaign, new product launches and strong inventory levels.

“We remain confident in delivering continued strategic progress and sustainable growth over the medium-term, as we work towards our ambitions of 100 stores, £100 million revenue and 10% operating profit margin.”

Shares in the company were lower in early trading on Wednesday.