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| Version 1 | Version 2 |
|---|---|
| Majestic Wine's annual profit falls 22.5% | Majestic Wine's annual profit falls 22.5% |
| (about 1 hour later) | |
| Majestic Wine reported a 22.5% drop in annual pre-tax profit to £18.4m, in a "challenging" year. | Majestic Wine reported a 22.5% drop in annual pre-tax profit to £18.4m, in a "challenging" year. |
| The specialist wine retailer said that the drop reflects charges related to its takeover of smaller online rival Naked Wines. | The specialist wine retailer said that the drop reflects charges related to its takeover of smaller online rival Naked Wines. |
| Sales rose 2.3% from the year before, to £284.5m. | Sales rose 2.3% from the year before, to £284.5m. |
| Majestic Wine's chairman said: "Despite the challenging backdrop of a fiercely competitive environment we continued to grow market share". | Majestic Wine's chairman said: "Despite the challenging backdrop of a fiercely competitive environment we continued to grow market share". |
| The founder of Naked Wines, Rowan Gormley, took over as chief executive of the combined company in April. | The founder of Naked Wines, Rowan Gormley, took over as chief executive of the combined company in April. |
| Mr Gormley said in a statement: "Whilst my review of the business is ongoing it is obvious that we need to make investments to reinvigorate Majestic Wine. | Mr Gormley said in a statement: "Whilst my review of the business is ongoing it is obvious that we need to make investments to reinvigorate Majestic Wine. |
| "These investments will initially suppress profit in the short term but I am confident we can rebuild momentum in this excellent business." | "These investments will initially suppress profit in the short term but I am confident we can rebuild momentum in this excellent business." |
| 'Good ideas' | 'Good ideas' |
| The combination of Majestic and Naked Wines offers opportunities in boosting online and overseas sales, says retail analyst Nick Bubb. | The combination of Majestic and Naked Wines offers opportunities in boosting online and overseas sales, says retail analyst Nick Bubb. |
| However, he says Majestic needs to revive its UK stores first: "That will take time and money but the new CEO [chief executive] has some good ideas on how to make the stores more compelling and less intimidating and I wouldn't rule out the chances of him making it work." | However, he says Majestic needs to revive its UK stores first: "That will take time and money but the new CEO [chief executive] has some good ideas on how to make the stores more compelling and less intimidating and I wouldn't rule out the chances of him making it work." |
| Majestic shares are down more than 2% in London trading. |