7th Jan 2016 08:21
LONDON (Alliance News) - Majestic Wine PLC on Thursday reported a huge rise in sales in its Christmas trading period which it said was driven by its acquisition of Naked Wines.
The wine specialist said total sales in the 10 weeks to January 4 grew by 43% on the same period the year before, boosted by the acquisition of Naked Wines in April 2015.
Like-for-like sales in Majestic Retail increased 7.3% in the period, versus a 1.7% decline the year before, which it said was supported by strategic investments to reinvigorate sales growth with a new and simplified pricing policy and improved customer experience in store and online.
The investments did, however, result in a decline in gross margin.
Chief Executive Rowan Gormley said the results were "encouraging" but acknowledged that there is still more to achieve.
"We are only three months into our three year plan and although this performance is pleasing it is too early to call it a trend," Gormley said.
Shares in Majestic were trading up 5.9% at 346.50 pence early Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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