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Majestic reports strong sales growth but swings to first half loss

Majestic Wines has reported strong first half sales growth as it continues to work on its transformation plan.

FOOD & DRINK

Majestic reports strong sales growth but swings to first half loss

Majestic Wines has reported strong first half sales growth as it continues to work on its transformation plan.

In the six months to 26 September, total sales increased by 13.2% year-on-year to £205.6 million.

However, the company made a pre-tax loss of £4.4 million compared to a profit of £4.3 million in the same period in the previous year after taking into account £4.5 million of adjusted items, largely relating to Majestic’s acquisition of Naked Wines.

Like-for-like Majestic retail sales rose by 5.7% with the performance driven by a 9.1% increase in customer numbers. This in turn was underpinned by improvements in product availability and customer retention.

Naked Wines saw its sales increase by 26.7% despite a failed direct mail campaign.

Meanwhile, Majestic Commercial sales edged up 1.2% in the period.

Rowan Gormley, Majestic group chief executive, said: “A year ago, we laid out a detailed plan to restore the Majestic group to long term sustainable growth. "Sustainable" being the key word.

“To do that we have to transform Majestic from a single country, single channel retailer into an international, multi-channel, multi proposition business.

“That plan is well underway and beginning to work.

“We remain confident that we are on track to deliver our goal of £500 million in sales by 2019, and that this sales growth will translate into long term, sustained growth in shareholder returns.”

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