Pre-tax profits up at Majestic
Soaring Prosecco sales and new store openings drove a 4.2% rise in pre-tax profits to £9.5 million at Majestic Wine in the six months to the end of September.
Total sales were also up 3.3% to £130.2 million, but like-for-like sales – which exclude the impact of new store openings – dropped 0.4%.
The chain blamed the timing of Easter and the 2012 Jubilee for the drop in sales compared to last year.
Majestic reported that Prosecco was the star performer, with sales up 39%.
Meanwhile it opened three new stores in the period, and has since opened three more, bringing the estate total up to 198.
Chief executive Steve Lewis said: “These results show we continue to make steady progress towards our strategic growth objectives and we are very well prepared for the peak Christmas trading period.”
The number of active Majestic customers also rose 6.2% to 631,000.