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Majestic Wine report FY profits up 117% to £16 million on LFL sales up 8.4%
Majestic Wine Plc, the UK's largest wine warehouse chain, today announced in its preliminary results for the 52 weeks ended 29 March 2010, that it has more than doubled it's pre-tax profits from £7.4 million last year to £16 million on sales up 15.6% to £233.2 million.
The sales include £12.4 million from Lay & Wheeler, bought in March 2009, so the like for like increase in UK sales is 8.4%. In store sales have responded to the change to a minimum purchase of 6 bottles from 12 previously, so that although the average transaction is 4% down, the volume of transactions is up 14.6%.
Online sales now account for 10% of the total, up 19.7% on last year, while despite the recession sales of wine in the £20 per bottle and above range, increased by 22.7% to 5.1% of in-store sales.
During the period Majestic opened six new stores in Shrewsbury, Southend, Leith Walk in Edinburgh, Market Harborough, Abingdon and Sale. Since the FY year-end Majestic have opened in Redhill, so that they now operate from 153 stores in the UK. Majestic will open in Windsor and Canterbury prior to the end of August and have several new stores at advanced stages of negotiation. They are encouraged by an increase in the level of opportunities for new sites appearing on the market, as they extend their distribution towards their goal of 250 UK stores.
Steve Lewis, Chief Executive, said:
"We are very encouraged by our ability to attract new customers which will allow us to continue to grow our market share. While the UK economic outlook remains uncertain, we believe that Majestic is well positioned for future growth."
The sales include £12.4 million from Lay & Wheeler, bought in March 2009, so the like for like increase in UK sales is 8.4%. In store sales have responded to the change to a minimum purchase of 6 bottles from 12 previously, so that although the average transaction is 4% down, the volume of transactions is up 14.6%.
Online sales now account for 10% of the total, up 19.7% on last year, while despite the recession sales of wine in the £20 per bottle and above range, increased by 22.7% to 5.1% of in-store sales.
During the period Majestic opened six new stores in Shrewsbury, Southend, Leith Walk in Edinburgh, Market Harborough, Abingdon and Sale. Since the FY year-end Majestic have opened in Redhill, so that they now operate from 153 stores in the UK. Majestic will open in Windsor and Canterbury prior to the end of August and have several new stores at advanced stages of negotiation. They are encouraged by an increase in the level of opportunities for new sites appearing on the market, as they extend their distribution towards their goal of 250 UK stores.
Steve Lewis, Chief Executive, said:
"We are very encouraged by our ability to attract new customers which will allow us to continue to grow our market share. While the UK economic outlook remains uncertain, we believe that Majestic is well positioned for future growth."
Mon, 14th Jun 2010