JDW, DOM, YUM, Pizza Hut, Molson, Marriott, Budget concerns & other:

A DAY IN THE LIFE:

I think that, after decades and decades of concentrating my steadily increasing weight on my feet, my shoe size might have gone up.

And this, perhaps, is not too surprising because, if you push down on something for years and years, it might flatten and widen and, if I carry on at this rate, I won’t be needing flippers if I live much longer.

Which is what it is.

That is, painful. Both physically, at least for a while, and then financially when the shoes split after relentless pressure and proceed to either hoover up and store in my socks any nearby puddles, or I put my hand in my pocket and buy a new pair.

Anyway, after weeks and weeks of fireworks lighting up the night sky, it’s finally Bonfire night tonight and, if the local youth has any firepower left, they’ll probably expend it tonight.

Enjoy and, before the dog gets too worried and I have time to mention that Hull City’s unbeaten run has ended, let’s move on to the news:

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PUBS & RESTAURANTS:

Disposable income. Tax hikes likely:

The chancellor’s speech yesterday was widely understood to be a signal of tax rises to come in the Budget due on 26 November. Ms Reeves basically says a) this will be painful but b) it is down to the actions of others…

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Other news:

Inheritance Tax planning: UKH has commented that ‘business reliefs are set to come into force next April have attracted a lot of controversy’ and says that hospitality and leisure businesses could be just as hard hit’ as the farming community….

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Government policy: City AM quotes Paula MacKenzie, CEO of Pizza Express, as saying that it is ‘unbelievable’ that the Labour government has ‘taken such a harsh stance’ on big businesses. She says that the hike in employers’ National Insurance contributions in last year’s Budget for making it harder for young people to get their first job in the hospitality industry….

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JD WETHERSPOON – Q1 (14 WK) UPDATE:

JDW reports LFL sales in the first 14 weeks of the financial year were 3.7% higher than the same period last year. it says that ‘bar sales increased by 5.7%, food by 0.9% and slot/fruit machines by 8.9%. Hotel room sales decreased by 6.3%.’ it adds that total sales have grown by 4.2% in the year to date. In September, the CGA Tracker reported industry LFL sales growth of 0.2% whilst JDW was up by 3.4%. Co adds that it has ‘outperformed the tracker for 37 consecutive months.’ Estate development: JDW reports that in the year-to-date, excluding franchises, it has opened four pubs – in Kenilworth (Warwickshire), Paddington Basin (London), London Bridge Station and Basildon (Essex). It says it ‘plans to open a total of 15 pubs in the financial year.’

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COMPANY NEWS:

DOM, which yesterday updated on Q3 trading, saw its share price slide by 6.4p or 3.3% to 187p as the market digested the news.

YUM Brands (Q3 number comments below) has reported that it has initiated a ‘Review of Strategic Options for Pizza Hut to Maximize Shareholder Value’. It says this should ‘help it reach its full potential.’ The company says this should benefit its ‘franchisees, consumers, and employees’ and also allow YUM shareholders to maximise value. CEO Chris Turner, who may well be looking to effectively sell the business, says ‘Pizza Hut is a beloved global brand and industry innovator…and we are confident in its long-term future’. He says it ‘has many strengths — including deep consumer love, a global footprint, strong growth in many markets, a talented team, and an increasingly powerful technology platform….’

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Pizza Hut UK. This was recently bought back by brand owner YUM who reportedly paid £3.7m in order to do so. Administrator FTI Consulting reports that DC London Pie, the former UK sub-franchisee, folded into administration after just nine months of operation. The former UK sub-franchisee, Heart with Smart, entered administration in January this year.

KFC in the UK & Ireland – YUM comments in ‘US Majors’ below. System sales were up by 9% with in store up 8% and delivery up 12%. The company says ‘late night snacking continues to be a growth opportunity, with KFC reporting sales growth of 44% during late evening occasions….’

Coca Cola Euro-Pacific Partners has reported Q3 numbers saying that it has a ‘solid’ quarter and is ‘reaffirming full year guidance’. The company reports revenue of €5.41bn in the quarter, up by 1.0% in revenue terms. CEO Damian Gammell says ‘2025 continues to be a solid year for CCEP…’

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Gerald Edelman reports that it advised on the earlier-announce purchase of Albion and East by Urban Pubs & Bars. Urban Pubs and Bars operates a growing portfolio of 60 pubs, bars and restaurants across London, with turnover approaching £100 million on a rolling twelve month basis.

COMPANY NEWS – US MAJORS

YUM Brands has reported Q3 numbers saying that Taco Bell managed LFL sales growth of 7%. KFC was up 3% in LFL terms and Pizza Hut was down by 1%. It reports that system sales were up by 8% in Q3 against the same quarter last year (or up 6% in constant currency terms). System sales are up 6% in the year to date (or 5% ex-currency impacts)…

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Molson Coors has reported Q3 numbers saying that net sales decreased 2.3% in actual currency terms and fell by 3.3% in constant currency in the quarter. It reports quarterly sales of $8.5bn and a loss before tax of $2.8bn after a $3.6bn non-cash ‘partial goodwill impairment charge as well as $273.9 million non-cash intangible asset impairment charges.’ The company reports underlying (Non-GAAP) income before income taxes of $426.0 million, down 11.9% in constant currency….

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Wingstop has also reported Q3 numbers saying that system-wide sales increased 10.0% to $1.4 billion with 114 net new openings in the fiscal third quarter 2025. It adds that ‘domestic same store sales decreased 5.6%’ but says that total revenue increased 8.1% to $175.7 million…

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Cava in the US has pulled back estimates for the remainder of the calendar year saying that Q3 LFL sales rose by only 1.9%. Total sales were up by 20%. Both numbers were below Wall Street estimates…

HOLIDAYS & LEISURE TRAVEL:

Whitbread plc, owner of Premier Inn – the UK’s largest hotel brand – has received planning consent to transform Verity House, a vacant office building in the South Bank area of Leeds city centre, into a 131-room hotel.

More American quarterlies.

Marriott reports Q3 numbers saying that Q3 REVPAR was up by 0.5% worldwide split as to 2.6% growth in international markets and a 0.4% in U.S. & Canada. It says Q3 EPS was 247c on an adjusted basis with EBITDA of $1.35bn….

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Uber has reported Q3 numbers saying that trip numbers were up by 22% y-o-y and gross bookings were up by 21%….

OTHER LEISURE:

Reddit has been added to the list of social media platforms from which children under-16 are banned in Australia.

Spotify has reported Q3 numbers saying that premium subscriber numbers rose by 12% y-o-y to 281m with q-o-q growth of 2%. It says total revenue, at €4.27bn, was up by 7% on the same quarter last year and up by 2% on Q2…

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FINANCE & MARKETS:

Sterling sharply lower at $1.3026 and €1.1339. Oil lower at $64.55. UK 10 year gilt yield off 1 basis point at 4.42%. World markets mostly lower yesterday and London set to open around 13 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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