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Majestic Wine sales up 41%

Majestic has reported that its group revenue grew by 41.3% to £402.1 million following its acquisition of customer funded online wine business Naked Wines last year.

GENERAL MERCHANDISE

Majestic Wine sales up 41%

However, pre-tax profit fell to £4.7 million in the year to 28 March from £18.4 million in the previous year due to costs relating to the acquisition.

Adjusting for this and other non-recurring items pre-tax profit was £15 million, down from £21.6 million as a result of previously committed investment costs, the investments related to driving growth in the original Majestic Retail business, and interest on the company’s debt facilities.

Majestic said it made good progress in the first year of its three year transformation plan with Majestic Retail like-for-like sales up 4.8%. 

Rowan Gormley, Majestic group chief executive, said: "We have taken the first step on a long journey - it was a good start but it is just the first step.

“Early signs are that the plan is starting to work. Strong sales figures reflect the hard work being done on the ground by the whole team.”

Naked Wines delivered record sales in the year with an increase of 27.3% to £104.3 million on a pro-forma basis driven by strong growth in the US.

Gormley said trading conditions remain tough in the UK and that Majestic expects volatile currency movements to push up the cost of goods.

However, the company’s plan remains unchanged with a goal of £500 million sales by 2019.

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