UK: Majestic Wine profits jump 27% to £20mil.
UK: Majestic Wine profits jump 27% to £20mil.
Jun 13, 2011 6
Sales of expensive wines are soaring, Majestic Wine said on Monday, as it reported a 27% jump in full-year profits, to £20.3m.
Wines priced at £20 a bottle or more now account for 6% of sales at the warehouse retailer, up almost a quarter on the previous year.
Total sales rose 10% to £257m, with a like-for-like increase of 5.3%.
Majestic said the reduction in the minimum sales requirement to six from 12 bottles had widened its customer base, enabling it to expand further. It plans to double its stores from 165 to 330.
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