Wednesday, June 23, 2021

Majestic Wine goes from £4m losses to record Christmas

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.

READ MORE: Profits down but sales up as Majestic Wine presses on with turnover plan

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.”

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