ProCook cautious on outlook, shares slide

Shares in ProCook tumbled on Friday after the kitchenware retailer sounded a cautious note on its outlook and posted a decline in second-quarter revenue.

In the 16 weeks to 15 October, total revenue fell 1.8% to £15.7m, while like-for-like revenue was also down 1.8%, at £15m.

LFL e-commerce sales declined 11.3% to £5.3m, while retail sales ticked up 4.1% to £9.8m.

ProCook pointed to a strong summer sale performance in July in August, underpinned by "considerably more favourable" weather year-on-year. However, it said trading in September and into early October was "markedly softer", with lower footfall and traffic, and customers increasingly seeking out greater value and promotional offers.

Chief executive Lee Tappenden said: "Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment. We are focussed on delivering even greater value for our customers throughout the important peak trading period and beyond.

"We continue to build on ProCook's strong foundations to strengthen our proposition and brand awareness, expand our product range and store portfolio, and invest in the areas that will improve our operational efficiency and capacity. This will leave us well placed to capture the many growth opportunities available to us as trading conditions improve."

At 1055 BST, the shares were down 8% at 19.70p.