UK: Majestic Wine credits 'fine wine' roll out for H1 sales, profits
- Six month net profits rise by 23% to GBP6.3m (US$10m)
- Operating profits also up, by 19% to GBP8.95m
- Sales hold up, increasing by 8.6% to GBP127.8m
- "Well prepared" for key Christmas trading period
Majestic Wine has praised the strong performance of still wines priced above GBP20 (US$31.80) per bottle for helping drive its sales and profits in the first six months of its current fiscal year.
In the 26 weeks to 26 September, the wine merchant said earlier today (14 November) that net profits jumped by 23% to GBP6.3m (US$10m) as sales rose by 8.6% to GBP127.8m. Operating profits also performed well, increasing by 8.6% to GBP127.8m.
Sales of still wine priced at GBP20 per bottle and above were up by 20% year-on-year, Majestic said. "We now have fine wine display areas installed in 122 of our stores compared with 96 at the end of the previous first half-year."
Company chief executive, Steve Lewis, said: “I am very pleased that Majestic has achieved profit growth of 20% in the half year and we are very well-prepared for the important Christmas trading period."
To read the company's official release, click here.
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