Beverage specialist Majestic Wine has announced that its profits rose significantly over recent months, providing some encouragement ahead of the crucial festive season.
The company revealed in its latest trading update that its pre-tax profits climbed by 20 per cent to £8.8m in the 26 weeks to September 26, while total sales were up by 8.7 per cent at £127.8m. Like-for-like sales throughout the period increased by 2.7 per cent excluding VAT.
“I am very pleased that Majestic has achieved profit growth of 20 per cent in the half-year and we are very well prepared for the important Christmas trading period,” said chief executive Steve Lewis.
The chain, which opened eight new outlets across the reported period, also confirmed that it is aiming to increase its total number of stores from 176 to 330 over the long term. Despite Majestic’s focus on opening new physical shops, internet sales were also up by 8.7 per cent over the half-year spell.
The announcement came after supermarket Waitrose reported an 8.2 per cent year-on-year sales increase during the third quarter of the year.
