Majestic Wine announced £16m in profits today, a 117% increase on the 2009 figure of £7.4m.
The second headline tempers this slightly, with the clarification 'underlying profit growth of 26% after adjusting for last year’s £5.3m reduction in the carrying value of our French business' - but whichever figure you take, it is an impressive result. Much of this has been driven by reducing their minimum purchase to six bottles last September, and therefore gaining significantly in transaction numbers (up 14.6% to 1.7m) without great sacrifice of the average spend, which has slipped only 4% to £129.
Their recent tastings - see here, and for a specific fine-wine selection, here - go some way to show why their performance remains so stellar: the range is wide, varied and good quality, with a mix of reliable brands, keen offers and esoteric oddities. This caters for bargain hunters, connoisseurs and everyone in between.
To celebrate their fortune, the chain is also advertising Louis Roederer Brut NV down to £24.74 until this Wednesday, which coincidentally (or rather, perhaps not) exactly matches the current offer price from Waitrose.