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Majestic Wine stocks up ahead of Brexit, outlook muted

Editorial Bureau by Editorial Bureau
November 22, 2018
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Majestic Wine stocks up ahead of Brexit, outlook muted

FILE PHOTO: A general view of a Majestic Wine Warehouse in Cheadle Hulme, Stockport, north-west England on June 13, 2015. REUTERS/Andrew Yates

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(Reuters) – Majestic Wine Plc <WINEW.L> will import an extra 5 to 8 million pounds of stock to ensure it is covered against any problems with deliveries following Britain’s exit from the European Union, the company said on Thursday.

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Majestic, one of Britain’s best-known wine merchants, also said it now expected adjusted operating earnings across its Retail and Majestic Commercial arm to be flat at best compared to earlier expectations of some growth.

It also said that profits at its Naked Wine business would be hit by a speed up in investment.

(Reporting by Karina Dsouza in Bengaluru; editing by Patrick Graham)

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