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News
Majestic posts rise in profits
Majestic Wine’s underlying profit has risen 26%, largely helped by its acquisition of Lay & Wheeler and the collapse of First Quench.
Allowing customers to buy a minimum of six rather than 12 bottles in a case is also thought to have helped drive sales.
Majestic reported that since the six-bottle purchase was introduced, the number of customers visiting its 153 stores across the country rose by 54,000 to 472,000.
The average amount spent per bottle also increased from £6.35 in 2009 to £6.56.
The retailer reported a pre-tax profit of £16 million in the year to 29 March, a rise of 117% on the previous year’s £7.4m with total sales up 16% to £233.2m.
Steve Lewis, Majestic’s chief executive, said: “We are very encouraged by our ability to attract new customers, which will allow us to continue to grow our market share.
“While the UK economic outlook remains uncertain, we believe that Majestic is well positioned for future growth.”
Rupert Millar, 14.06.10