UK: Majestic Wine FY sales edge up despite "difficult" market
- Full-year net profits flat at GBP17.5m (US$29.7m)
- Net sales up 1.4% to GBP278.2m
- Operating profits flat at GBP23.9m
- Online sales up 5.8% to GBP27.7m
The wine retailer saw its full-year sales rise despite tough conditions
Majestic Wine, the UK-based retailer, has seen a slight rise in full-year sales despite “difficult” trading conditions as consumers continue to trade up.
The Hertfordshire-headquartered group said today (16 June) that net profits in the 12 months to the end of March came in flat at GBP17.5m (US$29.7m). Sales in the period rose 1.4% to GBP278.2m, while operating profits were flat at GBP23.9m.
“Majestic made good operational progress in the last year and despite the difficult trading environment delivered a solid performance,” said the group's CEO, Steve Lewis.
In its last full-year, the group saw sales slide by 2.1%.
Majestic, which operates 206 stores across the UK, said today the average bottle of still wine purchased rose to GBP7.94, compared to GBP7.56 the prior year.
Sales of rosé from Provence leapt 84%, while sales of Malbec from Argentina, Chile and France climbed by 50%, the company said.
Majestic's online sales were up 5.8% to GBP27.7m and now represent 11.4 % of its UK retail sales.
The company opened 13 new stores in the 12-month period, compared to 16 new openings the prior year.
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