Member Article

Majestic Wines announce increased profits

UK wine specialist Majestic Wine PLC has announced a 14% increase in annual profits as sales increase across its 181 stores.

The Group has reported good progress towards its strategic objectives; increasing the rate of new store openings and expanding the business to business sales team, as well as launching a mobile internet platform .

Total sales were up 8.9% to £280.3m as online sales increased 7.8% on last year, and now represents 10% of UK retail sales.

The firm opened 16 new stores throughout the financial year, including outlets at Evesham, Weston-Super-Mare, Fleet, Livingston, Hale, Dundee, Worthing, Bury St Edmunds, Clitheroe, Ripon, Braintree, Chesterfield, Wirral, Broadstairs, Wakefield and Berwick upon Tweed.

Commenting on the results Steve Lewis, Chief Executive, said: “Majestic has a clearly differentiated operating model, with a focus on delivering exceptional customer service that has proved resilient in a challenging economic environment.”

Phil Wrigley, chairman of Majestic, added: “We expect to make further good progress by continuing to invest in the development of internal talent, in the roll-out of the store portfolio and in customer facing technologies.

“Whilst we recognise that the trading environment is likely to continue to be difficult we are well placed to deal with the challenges and opportunities ahead.

“In the first ten weeks of the new financial year, from 3 April to 11 June 2012, we have achieved UK like for like sales growth of 0.6%.”

£7.34 represents the average price of a bottle of wine purchased at Majestic.

This was posted in Bdaily's Members' News section by Tom Keighley .