Majestic Wines has reported its first positive like-for-like sales performance in four years.
The wine retailer announced like-for-likes up 4.8% for the year to 28 March.
Total group sales of £402.1m were up 41.3% including the impact of online retailer Naked Wines. With this stripped out revenue was up 6.2%
The group said early signs from initiatives implemented as part of its three-year transformation programme were “encouraging”.
It said it was on track to deliver £500m in sales by 2019.
Chief executive Rowan Gormley said: “We have taken the first step on a long journey - it was a good start but it is just the first step.
“Early signs are that the plan is starting to work. Strong sales figures reflect the hard work being done on the ground by the whole team.
“The management re-organisation is now complete, I am delighted with the teams we have in place across the Group. At Naked Wines we had a belter of a year - breaking through the £100m sales barrier and delivering a maiden profit.
“We still have lots to do and although we are on course to deliver our three year plan, it won’t be without challenges.
- Trading conditions remain tough in the UK especially, and we expect them to stay that way
- Volatile currency movements will push up cost of goods
- We are implementing a new supply chain and IT system, both of which are complex projects.
“Our plan however remains unchanged, as does our goal - £500m sales by 2019.”