Conviviality Retail Posts Profits Rise
Posted on Sun 21st Feb 2016 at 11:58
According to Harpers, Conviviality Retail, the parent company of Wine Rack amongst others, has posted a rise in revenue of 2.4% in the year to April 26. This equates to a 4.4% increase in pre-tax profits, something perhaps due in part to the fact that wine sales are up 10%. Their number of shops also increased by 29, giving them a new total of 624. This represents stable growth for the company, as their review of unviable franchises is now at an end.As CEO Diana Hunter stated, “This is a strong set of results refle
This equates to a 4.4% increase in pre-tax profits, something perhaps due in part to the fact that wine sales are up 10%. Their number of shops also increased by 29, giving them a new total of 624. This represents stable growth for the company, as their review of unviable franchises is now at an end. As CEO Diana Hunter stated, “This is a strong set of results reflecting the hard work of our employees, franchisees and suppliers…. On average across our off-license range we have been consistently 12% cheaper than our competitors in spite of the heavy discounting in the market. Value and consistent pricing are important to our customers and they appreciate the transparency of our pricing strategy, which in turn increases customer loyalty.”
We are delighted by this good news, as we are very proud to supply Wine Rack with two of Stobi’s finest wines, Petit Verdot Barrique and Vranec. These wines fit perfectly with the brand’s ethos of providing high quality wines at affordable prices, and have been hugely popular with their customers. Macedonian wine can offer such good value because it is relatively unknown in foreign markets, and as such does not have a premium attached to its name. What it does have, however, is several millennia worth of winemaking history, which shapes their modern day wine production and leads to the creation of some fantastic wines using delicious local grapes. We'd like to congratulate Wine Rack and its parent company on their success, and look forward to continuing our fruitful working relationship.