UK wine retailer Majestic Wine will continue its store expansion plan, despite posting a slide in full-year profits on Monday (15 June).

The company has opened four stores this year in Hereford, Leatherhead, Finchley and Oxford.  In addition it has re-sited stores in Kingston, Worcester and south Oxford.

Since the retailer's fiscal year-end on 30 March, the group has also opened in Southend and Shrewsbury and will open a store in Edinburgh this month. 

And, despite its net profits for the year falling to GBP3.26m, down from GBP11.25m a year earlier, Majestic confirmed to just-drinks it has "identified a further 100 locations" where it believes the company would trade "successfully".

The retailer said it currently plans to open a further five stores during the year.

Majestic reported a 2.4% rise in net sales across the group, with a 16% rise in online wine sales.

A spokesperson told just-drinks: "I think overall the online market for wine generally has continued to show a great deal of strength."

The group said that its retail business model, where consumers purchase wines by the case, "lends itself very well" to online selling.