Alcohol retail giant Majestic Wine has successfully navigated last year’s financial storm and posted its best ever Christmas trading period.
Majestic’s turnaround plan has proven successful, posting like-for-like sales growth of 7.5 per cent in the 10 weeks to January 2, and a sales rise of 12.4 per cent on last year.
The retailer now says it’s on track to meet its full year expectations and has embarked on a three-year turnaround plan, just months after reporting a £4.4 million loss in its half-year results.
Majestic chief executive Rowan Gormley said: “Our transformation plan is working and we remain on track to achieve our £500 million sales goal. We said that we would be better prepared for Christmas than ever – and the numbers show that we did what we said we would do.
“At this stage we are not predicting a change to long-term margin expectations, but we need to retain flexibility to compete in a competitive market.”