Category: Drinks
London slowdown indicated by Fuller’s numbers. Statistical blip or the end of an era? Likely neither…
London pubs, bars & restaurants in 60 seconds…. London trading has been great. It might be getting a little less so. Recently: LfL sales have been chugging along at 4%, 5%, 6%… Whilst extremely positive, capacity has been increasing, new units have been going on New entrants (vibrant, innovative, relevant) are opening units apace Occupancy…
Euro 2016: Blessing or Blight….
Football benefits wet-led pubs. For virtually all other operators, it’s a negative Pubs: Wet led pubs perform strongly over football tournaments, food led units do not. Sports-led units will clearly perform well. Chameleon bars run the risk of alienating both groups of customers. Hence it’s not just a case of plugging in ‘football’ and getting…
New Entrants, Blessing or Blight….
New entrants keep markets fresh – but they cause problems for incumbents. Restaurants, bars, hotels, you name it: Bars, restaurants: o Peach Tracker shows total sales > LfL by c3%. That’s the impact of new capacity o Some will be new entrants & others will be incumbents bulking up o But the latter can lead…
Pubs & Restaurants – A slower market:
Note, a lot’s priced in. The sector is cheap. Some PERs are single digit & yields are near 5%. Recent data: It’s fast becoming official; the market is tougher. Peach Tracker for March & April (smoothing Easter) suggests LfL sales down c0.2% Marston’s yesterday alluded to tougher H2 comps (starting April) M&B today said that…
Whitbread H1 Analysts’ Meeting
WHITBREAD (WTB): 4725p H1 numbers: Analysts’ Meeting: Group reports it is on course to deliver results in line with expectations… Year to end-Feb PBT (£m) EPS (p) PER (x) DPS (p) Yield (%) 2015 (E) 480.9 211.6 22.3 81.8 1.7 2016 (E) 542.0 239.8 19.7 91.4 1.9 2017 (E) 613.0 270.0 17.5 103.2 2.2…