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ProCook reports revenue growth of 34.6% in Q3

On a two year like for like basis, revenue grew by 104.1%. ProCook outperformed the UK kitchenware market, as calculated using weekly GfK data and management estimates, by 38.5% points during the 12-week period.

Ecommerce revenue represented 47.2% of the sales mix and the ProCook.co.uk website grew by 11.3% year on year. The total ecommerce performance of -7% in Q3, reflected the strategic exit of the Amazon UK marketplace at the end of June 2021.

Retail revenue grew by 124.3% year on year in the quarter, benefitting from less Covid restrictions, improved conversion and average spend, as well as the six new stores that opened during the year to date.

Gross margin for Q3 was 65.5% – 370%bps lower than the same period last year. This was in line with expectations for the period, due to the impact of increased freight costs.

The company expects that its full year trading performance will be in line with its ambitious targets and analyst expectations.

Daniel O’Neill, ceo and founder, commented: “We are pleased with our strong trading performance during our third quarter and peak trading period, despite the recent impact of the Omicron variant. This highlights the strength of our multi-channel offer and our direct-to-consumer business model. I would like to thank all of our team for their energy and dedication to continually improving our customer proposition.

“The excellent progress we have made in attracting new customers to experience the ProCook brand, combined with our high quality product range and excellent-rated service proposition provides further encouragement and excitement for the period ahead as we continue to share our passion for cooking and look to roll out further exciting initiatives.”

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