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Majestic Wine profits increase but sales decline Majestic Wine profits increase but sales decline
(36 minutes later)
Majestic Wine has reported a rise in profits despite a decline in sales.Majestic Wine has reported a rise in profits despite a decline in sales.
The company reports that its profits increased by £0.5m to £23.7m in the twelve months leading up to April 2013. Profits rose by £0.5m to £23.7m, the company said, in the 12 months leading up to April 2013.
But total sales declined by 2.1% compared with last year, as the company reduced its focus on the wholesale drinks market. However, total sales fell by £5.9m, or 2.1%, to £274.4m. It said the drop in sales followed a decision to reduce its involvement in the wholesale market.
The company also attributed the slow start to the year to the timing of Easter and the boost to sales in 2012 caused by the Diamond Jubilee. Majestic said it had seen a strong increase in sales of English wine, and that it had attracted 56,000 new customers over the past 12 months.
"Majestic is in excellent shape and has made good progress with the four key elements of our future growth strategy: new stores, business customers, ecommerce and fine wine," said chief executive Steve Lewis.
Majestic say that they have seen a strong increase in sales of English wine, and attracted 56,000 new customers over the last 12 months.
Online sales have increased by almost 15%, which the company said was helped by the reduction in the minimum order for delivery to six bottles.Online sales have increased by almost 15%, which the company said was helped by the reduction in the minimum order for delivery to six bottles.
"Majestic is in excellent shape and has made good progress with the four key elements of our future growth strategy: new stores, business customers, e-commerce and fine wine," said chief executive Steve Lewis.
The retailer said sales in the current financial year were in line with forecasts, although sales had "started slowly" because of the timing of Easter and the boost given to sales in 2012 by the Diamond Jubilee.