Any one know why the share price for MJW has fallen off a cliff? They had a good year to March 2004 and prelim results are coming out soon. Don't tell me we are all so upset by Iraq that we've all stopped buying booze.

StockMarketWire.com
Majestic Wine (WINE) reported a boost in like-for-like sales, driven by strong growth in the US.

However, pre-tax profit plummeted nearly 75% year-over-year to £4.7 million, which the company blamed trading conditions remaining tough in the UK, which is expected to remain that way.

Group Chief Executive Rowan Gormley said: "We have taken the first step on a long journey - it was a good start but it is just the first step. "Early signs are that the plan is starting to work. Strong sales figures reflect the hard work being done on the ground by the whole team. "The management re-organisation is now complete, I am delighted with the teams we have in place across the group.

"At Naked Wines we had a belter of a year - breaking through the £100m sales barrier and delivering a maiden profit. "We still have lots to do and although we are on course to deliver our three year plan, it won't be without challenges.

"Our plan however remains unchanged, as does our goal - £500m sales by 2019."

Liberum Capital today reaffirms its buy investment rating on Majestic Wine PLC (LON:WINE) and raised its price target to 510p (from 500p).