Kitchenware retailer Procook has reported a dip in total year-on-year revenue for the third quarter of 2022, but said sales over the festive season mean the firm is on track to deliver for the full year.
The London-listed brand, which is headquartered in Gloucestershire, told investors on Thursday (January 12) revenue stood at £22.4m for the period - down 2.5% on the same time last year.
However, in the 12 weeks ending January 8, total revenue - excluding that from discontinued Amazon channels - grew by 0.8%. Like-for-like revenue fell 3.8% in the quarter, although it was 108.7% higher compared to before the pandemic in 2020.
The company said during the final four weeks of the quarter, total revenue grew by 2.9% year on year - or 5.9% excluding Amazon channels - after the business saw a “notable shift” in retail as customers returned to physical stores in the lead up to Christmas, partly driven by the risk to home delivery due to strikes.
Daniel O'Neill, chief executive and founder of Procook, said: "While we remain mindful of the current economic climate, the group's recent performance positions it well to deliver on current market expectations for the full year.
"Our plan to maximise our trading performance and profitability will enable us to emerge stronger from the challenging trading environment and we remain confident that we will capture increased share of the large kitchenware market with our specialist offer."
The announcement comes a month after Procook reported a near 15% drop in half-year revenue amid “challenging” trading conditions driven by the cost-of-living crisis.
The family-run business sells its products through its website and a portfolio of more than 50 UK stores.
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