Here’s what the chief executive said
Britain’s Majestic Wine has reported a full-year revenue growth of 2.3 per cent to £476.1m today, but has also warned that the UK market will remain challenging.
Overall adjusted pre-tax profit rose to £17.2m from £12.9m last year.
Chief executive Rowan Gormley further said that the UK retail environment was likely to become even more challenging: “Looking forward, we expect the U.K. market to remain tough, possibly even tougher than last year. Certainly trading since year end has been harder than the prior year in the UK. Despite this, we expect to hit FY19 market expectations . . . If the UK is headed for a retail crisis, as some commentators are suggesting, then we are planning for a great crisis. We founded Naked Wines during the financial crisis of 2008 and proved that investing in acquiring customers and generating loyalty through great products and service, will drive profitable growth even in a tough market.”