Profits up for Majestic Wines

<p>Majestic Wines has announced a rise in profits.</p>

Profits are up at Majestic Wines, although the company confirmed its sales are down.

In its latest financial results released today (June 17th), the firm stated profits increased by £0.5 million to £23.7 million in the twelve months leading up to April 2013.

However, it was pointed out by the company that total sales declined by 2.1 per cent when compared with the previous year.

The firm stated that the dip in total sales may be partly down to the timing of Easter in 2013, as well as the increased sales it recorded last year for the Diamond Jubilee celebrations.

"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.

On the back of the financial data, the share price of Majestic Wines was slightly down in morning trading. At 08:22 this morning, stocks were trading at 450.83, a drop of 0.86 per cent on the start of the session.

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