Majestic Wine (MJW)

Majestic Wine (MJW)

Majestic Wine (MJW) - Profit increase

Majestic Wine said full-year pre-tax profit increased 3.4% to £16.7m thanks to strong growth in fine wine sales and good sales of wine from Bordeaux, Loire, Beaujolais, Italy, Argentina and New Zealand, as well as Champagne.

The wine retail chain said like-for-like sales in the ten weeks to June 9 continued to grow by 0.8%, with like-for-likes up 4.4% in the last six weeks as trading since April improved. The group said despite the challenging consumer environment, its differentiated retail model means it is well positioned for growth in a highly competitive market. Majestic said it added ten new stores in the year to end-March and re-sited three of its stores, with an additional site since year-end taking the total number of stores to 145. The group said several more new stores are in advanced stages of negotiation.

The group also added that sales of wine priced over £20 grew 25% in the year and now represent 4.2% of total sales. It has dedicated fine wine displays in 45 stores and intends to add these to a further ten stores in the current year. Ecommerce sales also continue to grow strongly, the group said, and represent 7.9% of total UK retail sales.

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