MAJESTIC Wine today announced a two per cent increase in annual pre-tax profits, but sales fell by two per cent due to a drop in wholesale trade.
The UK wine retailer said that pre-tax profits rose to £23.7m for the year ended 1 April 2013, while total sales fell to £274.4m.
Wholesale sales fell to £5.8m from £18.5m year-on-year, but like for like sales in UK retail stores rose one per cent.
“During the year we decided to scale back our exposure to the wholesale drinks market in order to focus on our on-trade customers and as a result total group revenue at £274.4m was £5.9m lower than last year,” said chief executive Steve Lewis.
“Majestic is trading in line with our expectations, though as anticipated the year has started slowly reflecting the timing of Easter and the boost given to last year from the Jubilee celebrations,” said chairman Phil Wrigley.
“The business in excellent shape and well placed to maximise sales over the important Summer trading period.”