Majestic Wine to expand rapidly after profit rise

James Thompson
Tuesday 15 November 2011 01:00
Comments

Majestic Wine has vowed to push ahead with its store expansion despite underlying sales falling in recent weeks.

The wine retailer unveiled plans to open 16 new shops this financial year and a similar number in 2012-13, as it posted a 20 per cent rise in half-year profits yesterday. It opened just 12 stores last year. Steve Lewis, Majestic's chief executive, said: "With the demise of the high street off-licences [such as Threshers] we want to keep our foot down hard." He sees the potential for 330 UK shops, up from 174 today.

The retailer grew profits by 20 per cent to £8.8m over the 26 weeks to 26 September. But its like-for-like sales fell by 1.1 per cent over the six weeks to 7 November, after a "disappointing" mid-October.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in