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Majestic confident on outlook despite full year loss

Wine retailer Majestic has swung to a pre-tax loss of £1.5 million compared to a profit of £4.7 million in the previous year after one-off charges… View Article

FOOD & DRINK

Majestic confident on outlook despite full year loss

Wine retailer Majestic has swung to a pre-tax loss of £1.5 million compared to a profit of £4.7 million in the previous year after one-off charges relating to its acquisition of Naked Wines.

In the 53 weeks to 3 April, adjusted pre-tax profit fell to £12.9 million from a previous profit of £15 million.

Sales in the period grew by 15.8% to £465.4 million driven by 12% growth in the company’s customer base as the company continued to implement its transformation strategy.

Majestic chief executive Rowan Gormley said the company had now passed the most risky and cost intensive phase of the plan.

He added: “We have a business that is better able to weather the uncertain trading environment, with a sustainable growth model, the big strategic questions answered, a better paid and rewarded workforce and more effective systems and processes.

“We remain confident about the medium term outlook, despite tough economic conditions, as transformation benefits are coming through and our costs are naturally coming down as a result of us reaching the next stage of the transformation plan.”

The company said it is on track to achieve its goal of £500 million in sales by 2019.

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