ProCook reports that it has significantly outperformed the UK kitchenware market and grown its market share, with revenue growth of +29.5% over its full year. The figure represents a +77.5% two-year increase on 2020’s financial year.
The own brand kitchenware retailer attracted 723,000 new customers and increased its rate of repeat purchase within 12 months from 18.6% to 25.5% year on year.
It also achieved revenue growth of +11.4% in the fourth quarter, which understandably saw a significant channel shift back to retail (as stores were closed for the whole of Q4 last year due to Covid restrictions). On a two-year basis, ProCook’s revenue growth in the quarter was +83.1%.
ProCook’s ecommerce performance in the fourth quarter reflects the tough comparatives from last year, where online demand during the lockdown period was particularly strong, coupled with the impact of the retailer’s strategic exit of the Amazon UK marketplace at the end of June 2021. On a two-year basis ecommerce was up +70.4%, and +134.1% on a LFL basis (which excludes the impact of Amazon).
Reflecting on 2022 so far, the chain acknowledges: “Trading conditions have become more challenging over the last quarter with a number of well-documented pressures impacting consumer shopping habits and operational costs.” Despite the tougher consumer and macro environment, ProCooks is ‘confident in our value-for-money, specialist offer.’
Top: Steven Carter Bailey (finalist in 2017’s Great British Bake Off) is a baking tutor at the ProCook Cookery School.
