Trading, the Euros, JDW, BrewDog, Campari, FDEV, Airbnb & other:

A DAY IN THE LIFE:

It was one of those days, yesterday.

Nothing dreadful but it started poorly and, at least in terms of work-production, it just got worse.

Such that 8am jobs were being done late afternoon and we’re subsequently a bit pushed. So we’ll have to move straight on to the news:

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PUBS & RESTAURANTS:

Trading:

Whilst admittedly the month last year featured Easter, S4 Labour reports LfL sales down 12.9% YoY in April, with dry-led venues experiencing a decline of 10.4% and wet-led sites witnessing a slightly larger decrease of 17.8%….

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Oxford Partnership reports UK drinkers consumed 52.7 million pints of draught beer and cider over the May bank holiday weekend, down 2.6% YoY….

The Euros:

The NTIA CEO Michael Kill has hailed the government’s decision to extend pub opening hours to 1am during the Euros  semi-finals and finals if England or Scotland advance as a ‘game-changer’ for the sector. Mr Kill said the extended opening hours would provide a timely boost amid economic pressures….

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Other news:

Cask Marque has announced that the UK’s only nationally recognised cellar management qualification has undergone a major update to reflect current practices in cellar and bar management. Director Paul Nunny reports ‘we incorporated a Bar and Cellar Hygiene Audit into every Cask Marque assessment visit in 2023, and we identified that cellar equipment, practices and procedures had evolved considerably over the past few years. In response to this we created an updated Cellar and Bar Manual, endorsed by the BBPA, and then we turned our attention to the ABCQ content and assessment.’

JD WETHERSPOON – Q3 CONFERENCE CALL:

JD Wetherspoon has today held its Q3 conference call and our comments thereon are set out below:

Q3 & YTD Trading: JDW has reported that LfL sales increased by 5.2% in the 13 weeks to 28 April 2024, compared to the same period last year. It said this would have been +6% if this period included a bank holiday like last year’s Q3 did. The company reports that year-to-date (YTD) like-for-like sales increased by 8.3%.

JDW adds that, due to a reduced number of units, total sales increased by 3.3% in the quarter and by 6.5% YTD. The company reflected on the course of trading through the year, saying January and February were ‘pretty challenging’ with a pickup in March and remaining steady since then, leading to management feeling ‘relatively optimistic’.

Hotels are still in positive LfL sales growth but have ‘stabilised’ and are down on the particularly strong c12% growth experienced last year. JDW said it is ‘pleasantly surprised’ by trading in the franchised Primrose Valley holiday park pub, with the two university franchised pubs continuing to trade well.

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COMPANY NEWS:

BrewDog CEO to be replaced. James Watt, the co-founder and CEO of BrewDog, is stepping down after 17 years, to be replaced by chief operating officer James Arrow. Watt will retain a 21% ownership stake and assume the title of ‘captain and co-founder,’ continuing as a non-executive director and strategic advisor….

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Campari has reported Q1 numbers saying that Q1 sales of €663.5m were up some 0.2% organically on last year and down 0.7% on a reported basis. Comps were tough as sales jumped last year ahead of price increases. The company says that, against a ‘normalised Q1 2023’, sales were up around 6%…

Starbucks has been trialling 5pm to 5am coffee deliveries in the US…

WatchHouse has successfully closed its crowdfunding round, raising £7.2m from 1,432 investors, exceeding its target of £1m….

Ossett Brewery’s ‘White Rat’ pale ale clinched the Overall Gold Award at the SIBA North East Independent Beer Awards 2024, held at Gateshead Rugby Club over the bank holiday weekend.

JDW – Q3 – CONFERENCE CALL BULLETS:

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HOLIDAYS, HOTELS & LEISURE TRAVEL:

Airbnb yesterday reported Q1 numbers ahead of analysts’ estimates in terms of both revenue and profits. Revenue increased 18% to $2.14 billion from $1.82 billion a year earlier. The company said it is experiencing “robust demand for travel” ahead of the summer season. EPS came in at 41 cents against 24 cents expected but the company’s comments on Q2 led to shares falling by as much as 9%…

The FT reports that ‘Uber’s results far undershot expectations in the first quarter, weighed down by costs from the ride-hailing company’s decade-long battle with global regulators.’ It says that the ‘operating profit of $172mn for the first three months of the year, compared with analysts’ forecasts for more than $600mn.’

The Home Office has stated that a ‘nationwide issue’ causing significant delays at passport e-gates has been resolved….

The threat of strike action at Heathrow has receded further as Unite regional officer Wayne King says ‘talks have progressed well over the last two days and we will now be balloting our members on a new offer. As a goodwill gesture, we will be suspending the remaining strike action this week while our members are consulted.’

American Express Global Business Travel (Amex GBT) reported Q1 large customer growth outpaced that of small and mid-sized companies, with total transactions from global multinational companies increasing by 11% YoY, exceeding expectations….

OTHER LEISURE:

Frontier Developments plc has this morning reported that it has signed a licence with Universal Products & Experiences for a third Jurassic World game. The company, whose shares have fallen from over £30 to £1 and subsequently bounced to £3, says ‘following the major success of Jurassic World Evolution and Jurassic World Evolution 2, which released in June 2018 and November 2021 respectively, Frontier and Universal Products & Experiences have signed a licence for a third Jurassic World game which is scheduled for release in Frontier’s financial year 2026 [the year to May 26]….’

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Second hand car dealer Cazoo is reported to have filed a notice of intention to appoint administrators.

TikTok has filed a lawsuit against a US law that would compel its sale, citing concerns about free speech rights. The law, signed by President Biden, requires app stores to stop offering TikTok in the US by January 2025 unless its Chinese parent company, ByteDance, finds a buyer, which TikTok argues is not feasible.

Sky Sports is introducing Sky Sports+, a new channel and live streaming service for businesses with connected Sky Q boxes, offering…

Reddit shares surged over 15% in after-hours trading following its Q1 earnings report since going public, despite reporting overall losses of $575m attributed to expenses from its IPO. The company posted strong revenue of $243m, up 48% from the previous quarter, and recorded record user traffic, with daily active users increasing by 37% to 82.7 million.

FINANCE & MARKETS:

The Bank of England’s MPC reports its decision on interest rates at 12.00 today. The Bank is widely expected to hold rates at their current, 16-year high level of 5.25%.

The US Commodity Futures Trading Commission reports that negative bets against Sterling are running at 16-month highs as traders bet the UK will cut rates sooner than some of its major competitors.

Sterling little changed at $1.2489 and €1.1625. Oil up at $83.91. UK 10 year gilt yield up 1 basis point at 4.14%. World markets mixed to up yesterday and London set to open up around 27 points as at 6.30am.

RETAIL WITH NICK BUBB:

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