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Majestic celebrates 20% rise in first-half profit

Wine retailer Majestic saw pre-tax profit increase by 20% to £8.8 million in the half-year to 26 September.

CITY & CORPORATE

Majestic celebrates 20% rise in first-half profit

Total sales grew 8.7% to £127.8 million and like-for-like sales in UK retail stores rose 2.7% excluding VAT.

The company increased its base of active customers by 7.7% to 534,000 and the average spend per transaction in-store rose to £125 from £122. Sales  of  still  wine  priced  at  £20  per  bottle  and  above  increased by 20%  and  now  represent  5.5%  of the company’s UK  retail sales.
   
Online sales increased 8.7% on last year and now represent 9% of UK retail sales.

The company opened eight new stores in the period in Evesham, Weston-Super-Mare, Fleet, Livingston, Hale, Dundee, Worthing and Bury St Edmunds.  Since the end of the period, there have been three additional store openings in Clitheroe, Ripon and Braintree taking the total to 174.

Lay & Wheeler, the group's fine wine specialist, recorded profit before interest and tax of £292,000.

Majestic in France recorded profit before interest and tax of £658,000 compared to £574,000 in the same period in 2010.

In the six weeks from 27 September to 7 November 2011, like-for-like sales in UK stores were down 1.1% with total UK store sales up 3.8%. The company said the trading  period  had  been  adversely  affected  by two  weeks  of  disappointing  sales  in mid-October.  Total sales through UK stores over the same period were up 3.8%.

Phil Wrigley, chairman, said: “We are pleased with the results achieved in the first six months and, though the economic environment continues to be challenging, we are very well prepared for the key trading period ahead and encouraged by the initial customer response to our Christmas promotions.”

 

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