Pre-tax profits rise for Majestic Wine

<p>Majestic Wine has confirmed a rise in its pre-tax profits.</p>

Pre-tax profits are up at Majestic Wine, although the firm has recorded a small drop in its like-for-like sales in the six months to the end of September.

The company announced that profits were 4.2 per cent higher, rising to £9.5 million during the period, while total sales grew by 3.3 per cent to reach over £102 million.

Majestic Wine stated that the timing of the Jubilee celebrations has had an impact on like-for-like sales, but the firm said it is still "well prepared" for the busy Christmas period.

"These results show we continue to make steady progress towards our strategic growth objectives and we are very well prepared for the peak Christmas trading period," said Majestic's chief executive Steve Lewis.

Majestic is also expecting to hit a major milestone this month with the opening of its 200th shop.

The share price of the company is up today (November 18th) on the back of the announcement. By 11:37 GMT, its stocks were trading 1.37 per cent up for the day.

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