Specialist retailer Majestic Wine has posted a full-year profit rise and expects to sustain momentum, despite tough high street conditions.

Majestic reported a 3.4 per cent increase in preliminary pre-tax profit to£16.7 million on sales up 3.1 per cent to£197 million. Like-for-like sales rose 2.4 per cent over the year.

In the first 10 weeks of the financial year to June 9, Majestic’s like-for-likes were up 0.8 per cent and were 4.4 per cent ahead for the six weeks to June 9, having picked up since April.

Majestic chief executive Tim How said: “Although the consumer environment is challenging, Majestic has a clearly differentiated retail model and is well positioned for future growth in this highly competitive market.”

Sales of fine wines soared 25 per cent to account for 4.2 per cent of sales and online revenues now account for 7.9 per cent of the total. Majestic’s average spend per transaction rose from£123 to£133 last year.

How will stand down at the AGM in August. He will be succeeded by Majestic Wine chief operating officer Steve Lewis.

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