Majestic Wine Profit Falls 23% on Higher Distribution Expenses

Nov. 10 (Bloomberg) -- Majestic Wine Plc, owner of the U.K.'s largest chain of wine warehouses, said first-half profit fell 23 percent on higher distribution and finance costs.

Net income dropped to 3.91 million pounds ($6 million), or 6.3 pence a share, in the 26 weeks ended Sept. 29 from 5.10 million pounds, or 7.9 pence, a year earlier, the Watford, England-based company said today in a Regulatory News Service statement. Sales climbed 3.4 percent to 94.1 million pounds and fell 2.1 percent at domestic stores open at least a year.