Majestic Wine has said that the its pre-tax profit has risen 2.1 per cent to £23.7 million due to online sales and high demand for fine and sparkling wine in the UK.

Steve Lewis, chief executive said that the demand has remained high among customers since the Royal Wedding two years ago followed by the Jubilee and the Olympics. However, the total sales of the company fell 2.1 per cent to £274.4 million as the company retreated from the wholesale drinks market. On the other hand, the sales at stores open more than a year increased by 1 per cent.

The company is increasingly focusing on commercial business by supplying wine to restaurants, hotels and gastro pubs. It recently won a contract with Lord's cricket ground for supplying beverages for sporting events. The company also said that the sales managed by its commercial team rose 13.6 per cent from the previous year while online sales grew
14.7 per cent and now account for 11.1 per cent of total UK retail sales.

The company now has 624,000, which is 10 per cent higher than the previous year. The company currently operates 193 stores and is aiming to expand to 330 stores.