UK wine specialist Majestic Wine saw total sales increase 8.9 per cent to £280.3 million, according to figures released today.
Preliminary results for the 53 weeks to April 2nd 2012 show a like-for-like sales growth in UK stores of 2.6 per cent, thanks in part to a record number of store openings as the retailer seeks to expand its property portfolio.
A record sixteen new store openings across the country in the financial year, including in Evesham, Dundee and Bury St Edmonds, has brought its total number of UK stores to 181, with the retailer “confident” of expanding to 330 locations.
Profit before tax also saw a significant rise, up by 14.5 per cent to £23.2 million, and Steve Lewis, Majestic CEO, believes the strong results are due to the company‘s unique offering.
“Majestic has a clearly differentiated operating model, with a focus on delivering exceptional customer service that has proved resilient in a challenging economic environment,” he commented.
Online sales have continued to grow, increasing 7.8 per cent on last year. The retailer‘s focus on its multichannel offering means that online sales now account for ten per cent of its UK retail sales.
Looking forward, a summer of celebration and international sporting events is likely to further boost sales for the retailer and its competitors.
Last week, grocer Waitrose reported a rise in alcohol sales for the week to June 9th 2012 following the Jubilee, with sales of bottled lager and cider rising 60 per cent and 32 per cent respectively while wine saw a 20 per cent increase.