Prosecco Makes Majestic Wine's Profit Fizz

Wine warehouse chain Majestic Wine has seen a 39% surge in prosecco sales, prompting a 4.2% rise in first half profit.

The company said rocketing sales of the Italian sparkling wine, along with new store opening, saw revenue rise 3.3% to £130.2m until the end of September.

Pretax profit rose to £9.5m in the period.

Prosecco has been outperforming both champagne and cava as consumers seek a midway point between the rival wine-producing nations of France and Spain.

British supermarkets also saw a spike in prosecco sales last Christmas.

Grape production for prosecco has grown from five million bottles in 1968 to 150 million bottles in 2008.

Producers now hope to reach 250 million bottles annually and match France's champagne output.

Majestic Wine opened three stores in the first half of the year and has opened three since the end of September, bringing the total to 198.

Vineyards in northern Italy used for prosecco production

Active customers rose by 6.2% to 631,000, while online sales rose by 8.3%.

Internet purchases now represent 10.3% of all UK retail sales.

The company said: "These results show we continue to make steady progress towards our strategic growth objectives and we are very well prepared for the peak Christmas trading period."

There was some flat news for Majestic, as like-for-like sales were down 0.4%.

It blamed last year's Jubilee celebrations and the timing of Easter for conflicting with its reporting timetable.

Majestic Wine said its growth strategy is to expand its store estate, increase revenue from business customers, grow internet transactions and develop sales of fine wine.

Shares in the firm were up 1.55% in lunchtime trades on Monday. Majestic's stock price has risen 40% over the last 12 months.

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