Majestic retains confidence in French stores
Majestic said there was still life in its retail business in northern France despite recent decisions by Sainsbury’s and Tesco to pull out of Calais.
It generated pre-tax profits from its three French stores in the past financial year, ahead of the £405,000 from the previous year.
Sales declined by 28% on a constant currency basis but the business benefited from a cost-saving restructure in the previous year.
Chief executive Steve Lewis said: “The continued strength of the euro, in relation to sterling, over the past year has contributed to the reduction in sales.
“The differential in duty rates between the UK and France remains substantial and there is a strong core of customers wishing to take advantage.” He said sales were up by almost 20% since it introduced a price guarantee of at least a £2 saving on its UK store prices in February.