Majestic Wine is celebrating a turnaround in results, following a significant rise in profits over the Christmas period. In the 10 weeks to 4 January sales rose 42.6% in comparison to the same time last year.
Like-for-likes rose by 7.5% while sales declined 1.7% in 2015. The company’s acquisition of Naked Wines helped, with the beverage retailer’s sales growing by 28.9%. Overall group sales were up 12.2% on a pro-forma basis.
Nonetheless Majestic’s Lay & Wheeler business announced a decrease of 3.5%.
Overall shares in the alcohol retailer increased by almost 6%, up by 19.5p to 346.75p.
"This is an encouraging result. Majestic Commercial and Naked Wines continued to grow strongly, and I am particularly heartened to see the Majestic Retail business grow as the impact of our better pricing, better service and better-looking stores starts to take effect” said Chief Executive Rowan Gormley.
“However, there is still much to do. We are only three months into our three-year plan and although this performance is pleasing it is too early to call it a trend.”