But warns of ‘very tough’ trading conditions ahead
British wine retailer Majestic Wine said today that its sales increased by 4.1 per cent in the Christmas period and it was on track to meet its full year expectations despite ‘very tough’ trading conditions ahead.
The UK wine retailer has been struggling in the face of increasing competition from discount supermarkets such as Aldi and Lidl, as well as the growth in online wine sales.
Chief executive Rowan Gormley said that the company had increased its margins and remains on track to hit its goal of £500m in annual sales by next year. He also said the group would accelerate investment, acquiring new customers and a greater range of wine.
However, he warned investors: ‘I’m not saying we can walk on water – we face very uncertain economic times. We will be buffeted along with everyone else.’
Majestic, which generated around 30 per cent of its annual sales during the 10-week Christmas trading period, said it was on track to achieve £500m sales goal by 2019.