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Majestic Wine shares dip despite sales rise

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Majestic Wine (LON:MJW) shares took a dip on Wednesday despite the retailer reporting an increase of sales over the Christmas period.

Total sales at UK stores for the 10 weeks to January 6 were up 5.9%, while over the same period like-for-like sales growth was 2.8%.

Chief executive Steve Lewis told investors: "I am pleased to say that recently we opened our 200th store enabling more and more people to shop locally with Majestic. 

"This Christmas, helped by our knowledgeable staff, customers chose to treat themselves and we saw strong growth in sales of fine wine above £20 per bottle."

Majestic is the UK's largest wine specialist and in its final results last summer said it was in "excellent" shape having made good progress with the four key areas of its growth strategy: new stores, business customers, ecommerce and fine wine.

Majestic wine shares fell 1.46% to stand at 540p.

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Price: 398.5 GBX

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Market Cap: £290.41 m
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