Le Creuset hit by end of home cooking boom
By Daniel Woolfson
THE end of the pandemic-era home cooking craze and the cost of living crisis have hit sales of Le Creuset pots and pans. Sales of the French homeware brand’s goods in Britain fell by nearly 20pc to £47.9m last year, newly-filed company accounts show. Pre-tax profits dropped from £3.5m to just under £2m. Nick Ryder, managing director of Le Creuset, said the company had enjoyed “substantial” growth during the pandemic when huge numbers of people became more interested in cooking from scratch. But he wrote in the company’s accounts: “Now in the post-covid world with changing spending patterns and a backdrop of increasing prices and interest rates, the market we operate in has seen a decrease in spend.” Known for its high prices as much as its designs, Le Creuset’s products frequently cost more than £100. Its cast iron oval casserole dishes can cost from £165 to £525 depending on the size. As well as softer sales, the company has faced increasing costs, which pushed down profits. Alongside soaring energy prices, the cost of freight rose by “as much as 10 times”, the company said in its global accounts. Le Creuset sells its products in 30 shops across Britain, as well as through retailers such as John Lewis and Harrods. Globally, operating profits for Le Creuset dropped 27.7pc to £134.4m last year. The company was approached for comment.