logo-loader
Majestic Wine PLC

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

wine_rack350_4fdee8582bdc5.jpg

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.

Quick facts: Majestic Wine PLC

Price: £2.59

Market: AIM
Market Cap: £188.15 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Sarama Resources is well funded with an interesting project...

Sarama Resources (CVE: SWA) CEO Andrew Dinning sat down with Steve Darling from Proactive Vancouver to discuss the company and its' 100% owned South Houndé Project which is located situated in the prolific Houndé Belt. Dinning talked about the work that has been done there in the past and...

6 hours, 8 minutes ago

2 min read