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Majestic Wine posts record full year profits as sales surge 8.9pct

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Majestic Wine (LON:MJW) reported that despite a tough trading environment, wine sales were strong in the past financial year, helping to to record full year profits.

Pre-tax profits for the year to April 2 surged 14.5 percent to £23.2 million as sales increased 8.9 percent to £280.3 million.

The increase in sales came as the group opened a record sixteen stores, while the number of customers rose 11.1 percent to 568,000 and average spend per transaction climbed £2 to £128.

Since the end of the year, Majestic, which aims to expand to 300 locations, has opened a further three stores, giving it a total of 181 stores in the UK.

Like for like sales in the UK, which exclude the impact of new store openings, were up 2.6 percent for the year and have increased 0.6 percent in the first ten weeks of the current financial year.

The group noted that online sales increased 7.8 percent during the year and now represent 10 percent of total UK sales.

“Majestic has a clearly differentiated operating model, with a focus on delivering exceptional customer service that has proved resilient in a challenging economic environment,” said chief executive of Majestic Wine Steve Lewis.

The group decided to increase its full year dividend by 20 percent to 15.6 pence per share.

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