Majestic Wine’s profits rise 39%
Majestic Wine, which offers prosecco and Argentinian malbec, has recorded an increase in sales during the six months to 30 September as customers increased demand for its products in the UK.
Prosecco recorded an increase of 39 per cent in sales during the period after an increasing number of UK customers increased demand during good summer weather season. The company’s profits before tax rose 4.2 per cent to £9.5 million during the previous year while total sales increased 3.3 per cent to £130.2 million. The demand for £9-£10 Italian sparkling wine strengthened in the six months to 30 September as total sales rose 3.3 per cent to £130.2 million.
Chief executive Steve Lewis said, “Walk down any fashionable street you see people with ice buckets and Prosecco. Sales of malbec also increased 40 per cent as increasingly consumers realise its good value wine for money.”
On the other hand, the like-for-like sales in the 17 weeks from 4 June rose three per cent higher. The company opened a total of six stores during the period taking its total to 198 stores.
