Majestic Wine plc interim results
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Majestic Wine PLC (“Majestic”), the UK’s largest wine warehouse chain, recently announced its interim results for the 26 weeks ended 29 September 2008.
Highlights
* Total sales up 3.4% to £94.1m (2007: £91.0m). UK sales grew by 4.7% to £88.8m with like for like sales declining 2.1%, a result that maintains our share of the UK wine market. Like for like sales for the five weeks from 30 September to 3 November 2008 were down 4.7%.
* Profit before tax declined by 25.5% to £5.6m (2007: £7.5m).
* Average bottle of still wine purchased at Majestic is now £6.19 (2007: £5.85). Average spend per transaction has increased to £135 (2007: £128).
* Sales of fine wine continued to increase. Sales of wine priced at £20 and above increased by 10.7% on last year. There will be dedicated fine wine display areas in 53 stores by Christmas.
* Sales to private customers up 2.9% in the period, decline in sales to business customers of 1.6%. Champagne sales declined by 6.4% on last year, particularly from business customers.
* The value of orders placed via our website increased by 11.5% on last year.
* During the period we opened two new stores in Hereford and Leatherhead and re-sited our stores in Kingston and Worcester. Since the end of the period we opened in Summertown in north Oxford and have re-sited our existing store in south Oxford. We will be opening in Finchley before Christmas bringing the total number of stores in the UK to 148.
Commenting on the results Steve Lewis, Chief Executive, said:
“I am pleased that we have maintained our UK wine market share in such challenging conditions. I am confident that Majestic with its robust business model and highly differentiated customer proposition can maintain its market position going forward.”
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