UK: Majestic Wine FY sales sparkle
- Full-year net profits rise by 26% to GBP14.2m (US$23m)
- Operating profits jump by 25% to GBP20.6m
- Net sales increase by 10.3% to GBP257.3m
- Retailer plans to double UK store numbers
Majestic Wine plans to double store numbers
Majestic Wine has shown that there is still life in the UK's independent wine retail market by reporting rises in both sales and profits for its fiscal year.
Majestic's net profits leapt by 26% to GBP14.2m (US$23m) for the year to 28 March, the retailer announced today (13 June). Operating profits increased by 25% to GBP20.6m.
The strong performance was driven by higher sales, which rose by 10.3% to GBP257.3m, as well as lower costs.
Majestic's figures deliver a boost the UK's independent wine retail sector, which saw the collapse of Oddbins earlier this year.
Online wine sales at Majestic rose by almost 10% to account for a tenth of the group's UK sales over the 12 months. The retailer's decision to reduce its minimum purchase rule from 12 bottles to six also continued to provide benefits.
The company said that it sees scope to double its UK store numbers, from 165 currently, although it did not provide a timetable for expansion.
To view the company announcement, click here.
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