Langton Capital – 2023-09-22 – Comptoir, DGE, SSPG, consumer confidence, inflation, Xmas etc.:
Comptoir, DGE, SSPG, consumer confidence, inflation, Xmas etc.:A DAY IN THE LIFE: So, as we’ve passed the equinox, it’s officially dark more than it’s light and I’m having to take the torch out when I walk the dog first thing. Which is an altogether odd feeling because, though it’s necessary if you want to avoid gouging yourself on a branch or stepping in something unpleasant, it does leave you feeling vaguely as though you’re going equipped for a burglary and you do get some odd looks. Still, it’s probably a price worth paying as, at least at the time of writing, both my eyes still function and my boots are clean. And that’s got to be a good thing but anyway, it’s Friday, it’s been something of a testing week and, after five long days I’m sure we’re all looking forward to the weekend. Have a good one and let’s move on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Consumer Confidence: GfK has updated on consumer confidence in the UK saying that the headline score has improved ‘but consumers remain under pressure.’ It says the measure increased by four points to minus 21 in September and adds that ‘all five measures were up in comparison to last month’s announcement….’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Food price inflation: The rate of food price inflation has slowed but there is some debate as to why exactly that happened. Sky News reports that Co-op CEO Shirine Khoury-Haq said ‘Even where there is reduced inflation and commodity prices, we have not seen that transfer to the cost of goods yet.’ Khoury-Haq stated that Co-op spent £20m on reducing prices across key lines during the first half of 2023 – with a further £70m for the second half of the year…. Consumer magazine Which reports that some branded consumer staples now cost up to 9x the price of their unbranded budget rival products. The High Street: Research by the Local Data Company (LDC) has found that independent retail stores faced the biggest rise in vacancies in at least eight years, with nearly 2,000 more left empty in the first half of this year, as small businesses struggled to cope with rising inflation and the cost of living crisis… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Christmas is coming: KAM has polled on consumers’ preparations for Christmas, where there are any, in its KAM – Christmas 2023 survey finding that some 10% had already made a pub or restaurant reservation (up 1pp on last year) and 17% have already made invitations to friends to join them at home (up 4pp). KAM says ‘only 27% won’t think about Christmas until December…’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. COMPANY NEWS: Diageo yesterday announced the appointment of Sally Grimes as Chief Executive Officer, North America, and Claudia Schubert as President & Chief Operating Officer, North America, effective 1 October 2023. The company points out that ‘North America is Diageo’s largest market and since fiscal 19, has grown 41%, in terms of net sales on a constant basis. Diageo is investing behind the further growth opportunity that the market presents including in its brands, portfolio and in its talent….’ JD Wetherspoon has appointed estate agents Savills and CBRE to sell 11 of its pubs, comprising 10 freeholds and one leasehold unit. The sites are located in town and city centre locations across England and Wales and are being considered for sale either individually, in small packages or as a portfolio. Compass Group PLC today announces that ‘after nearly 40 years of dedicated service, Gary Green has informed the Board that he wishes to retire as Group Chief Operating Officer, North America, and as a director of Compass Group PLC…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Comptoir Group has reported H1 numbers to 2 July saying that revenue rose by 2.1% to £14.8m with (VAT adjusted) LfL sales growth of 6.0%. The company is reporting adjusted EBITDA of £1m (down 73.7% from last year’s £3.8m) and an IFRS loss of £0.8m vs a profit of £0.9m last year…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The MCA reports that ‘fine fast food’ Yolk plans to reach an estate of 20 in the next three years, with expansion focused on office spaces and neighbourhoods as well as outside London. Horace Dawson has been named CEO at US operator Red Lobster. HOTELS & LEISURE TRAVEL: Holidays & leisure travel: Nationwide reports air travel spend up 23% and transaction volume up 26% in August despite the growing cost-of-living crisis. Spend on air travel in August reached £73m, with spend on holidays in August rose 4% YoY to £370m…. Hotels: Data from Mews shows that hotel RevPAR across June, July and August was up 14% YoY to £121 with average occupancy up 2% to just over 70% and ADR up by 17% to £211. An average of £18 of ancillary revenue was added to each upgraded reservation, with breakfast the leading upsell. The data also showed that one in five hotels now offer additional bookable spaces to generate more revenue, including parking space and meeting rooms. Serviced apartments: SilverDoor’s market update indicates that rates for serviced apartments in ‘Amsterdam, London, Dublin and Paris’ are expected to fall in the next few months after a ‘steady’ summer. SilverDoor also noted that lead times for serviced apartment bookings in EMEA had increased from 27 to 33 days YoY, with pricing the ‘ultimate decider’ for corporate bookings. Business travel: The Advantage Travel Partnership’s latest Global Business Travel Review has found that business travel volumes are within 4.7% of 2019 levels in the 3 months to the end of August, with an average transaction value of £426.66, compared to £308.33 in 2019… OTHER LEISURE: Sky reports that ‘Premier League clubs are expected to further delay signing off a £915m “New Deal” to finance their lower league counterparts amid renewed anxiety about the scope of a new independent football regulator….’ Warner Bros Studios Leavesden is set to expand its operations in a move that could bring further production to the UK. Chancellor Jeremy Hunt described Warner Bros Discovery’s investment in the site as a “huge vote of confidence in the UK”. The iPhone 15 is launched today. Aquis-listed Newbury Racecourse yesterday reported H1 numbers to end-June saying that turnover rose by 3% to £8.03m with a group loss before tax of £570k against a profit of £220k in the same period last year…. Rupert Murdoch, who is 92, is to step down as chairman of Fox and News Corp, in favour of his son Lachlan, who will head both companies. FINANCE & MARKETS: The Bank of England’s Monetary Policy Committee yesterday held interest rates in the UK at 5.25% after fourteen straight increases. The MPC voted 5 to 4 to keep rates unchanged (with the four on the ‘losing’ side voting to raise rates to 5.5%…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The Bank warns against complacency and says that any talk of rate cuts is ‘very, very premature.’ The CBI says ‘despite the pause and a slowing of inflation, many businesses and households will be still feeling the impact of tighter credit and higher prices…’ Government borrowing in August came in ahead of expectations at £11.6bn, up £3.5bn on a year earlier. The OBR had been forecasting £13bn back in March… • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Sterling weaker at $1.2278 and €1.1523. Oil up at $93.82. UK 10yr gilt yield up 5bps (despite hopes that interest rates could have peaked) at 4.29%. World markets lower yesterday and London set to open around 14 points lower as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. |
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