Majestic Wine on road to recovery

Majestic Wine said it is “past the tipping point” with its recovery plan despite swinging to a full-year loss.

The retailer posted pre-tax losses of £1.5 million for the year to 3 April against profits of £4.7m the previous year, while underlying profits tumbled nearly a third to £12.9m on surging costs from the overhaul. However, it said it should make £500m in sales by 2019.