Trading, Heineken, Coca Cola, Costa Coffee, Heathrow & other:

A DAY IN THE LIFE:

Is it just me or do you feel more stressed as you approach the front of the queue for self-checkouts?

Because you’re the man.

Or the lady, of course. You’re the person who needs to check for the green light.

And then you need to check again and check again and, heaven forbid you should miss it for a second or two as you’ll have a whole line of people tutting, sadly shaking their heads, tapping their watches and, before long, slowly hand-clapping and jeering.

You won’t really, of course. it just feels that way.

You’ll just be one of maybe a thousand people who finally got to the front of the queue that day. But the ‘spotlight heuristic’ is going to make you feel as though all eyes are on you and, indeed, the fate of mankind may be in your hands.

Anyway, reminds me. I need some milk. On to the news:

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PUBS & RESTAURANTS:

Trading:

The Oxford Partnership has updated on trading over the first week of the rugby unions Six Nations tournament saying that some 11.4 million pints were sold in the opening weekend. It adds that the ‘2026 Guinness Six Nations delivered a significant uplift for the UK’s on-trade, with pubs and bars benefiting from increased footfall, longer dwell times and strong drinks sales….’

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COMPANY NEWS:

Heineken has reported Q4 and full year numbers to end-December saying that total volume declined 1.2%, with consolidated volume down 2.1%, and licensed volume up 17.8%. It says that its Heineken brand volume grew 2.7% with global brands volume grew 1.9%. The company adds that net revenue grew 1.6% and it says that ‘over 60% of our markets, including over 80% of our priority growth markets [we are] gaining or holding share.’ Heineken reports that ‘operating profit grew 4.4% with operating profit margin expanding 41 bps to 15.2%.’ It adds that Diluted Earnings per Share were some €4.78, up 3.6% (2024: €4.89). The Dividend is €1.90 per share and the ‘dividend payout policy [is] to be expanded to the range of 30% to 50%….’

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Coca-Cola in the US yesterday reported Q4 numbers saying that its revenue came in slightly below expectations but adding that demand for its drinks in North America and Latin America was beginning to show signs of picking up. The company reported adjusted revenue of $11.82bn up 2% on last year but down compared to the $12.03bn expected by analysts. It reports that in 2026, it expects organic revenue growth of 4% to 5% and comparable earnings per share growth of 7% to 8% for the full year….

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Greene King’s Pub Partners business has announced it has reached a milestone of 100 pubs. Pub Partners MD Dan Robinson is reported in the MA as saying ‘we are delighted with the ongoing growth of our franchise business, which continues to complement our very successful leased and tenanted pub business.’

Butcombe Group has reported that record festive trading period and strong performance of Butcombe Boutique Inns and London pubs drove ‘significant growth for Butcombe Group in 2025’. It says that this endorses the growth strategy of the business. LFL sales were up by 9.7% in the managed pub division and growth for the full year across Butcombe Boutique Inns was 12.5% in LFL terms. Managed London pubs saw LFL sales up by 11.6%…

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Kirin has sold its Kentucky-based bourbon supplier Four Roses Distillery to E&J Gallo Winery in a $775m deal.

HOLIDAYS & LEISURE TRAVEL:

Heathrow has updated on January traffic saying that some ‘6.5 million people travelled through Heathrow last month making it the busiest January ever, up more than 2% on the same time last year….’

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ACI Europe’s 2025 Airport Traffic Report reveals that Europe’s air travel market achieved a new record in calendar 2025 in handling some 2.6 billion passengers. Europe’s airports handled an extra 100 million passengers compared with last year…

The Global Business Travel Association has said that the US government should scrap plans to make inbound travellers submit five years of social media history through the ESTA system.

Marriott International has reported Q4 numbers saying that REVPAR rose by 1.9% across its estate globally. International markets’ REVPAR rose by 6.1% whilst that in the US and Canada fell by 0.1%. For full year 2025, REVPAR rose by 2.0% worldwide (up 5.1% internationally and up by 0.7% in the US and Canada…

Q4 adjusted EBITDA was $1,402 million and for the full year, it totalled $5,383 million. CEO Anthony Capuano says the company ‘delivered excellent results in 2025, reflecting the strength of our brands, delivery of great experiences to our customers and continued momentum in development activity.’

OTHER LEISURE:

Spotify yesterday reported strong Q4 user growth and saw its shares rise by as much as 15% on the news. Monthly active user numbers rose 11% on a year ago to 751 million, ahead of estimates. Revenue was €4.53bn, up 7% year-over-year. EPS was €4.43 against estimates nearer €2.75,,,

In the US, lawyer Mark Lanier is suing YouTube (Google) and Instagram (Meta Platforms) saying that the companies have built ‘addiction machines’ that caused his client to suffer ‘from mental health issues as a result of her social media addiction….’

Paramount Skydance has raised its bid for Warner Bros Discovery as it continues its battle with Netflix to buy the business. Paramount said yesterday that it would cover the $2.8 billion termination fee that Warner Bros would have to pay Netflix if it failed to honour its deal with the latter.

FINANCE & MARKETS:

Retail sales in the US were reported by the Commerce Department to be broadly flat, leading to concerns that the consumer may be faltering.

Sterling down at $1.3668 and €1.1472. Oil up at $69.17. UK 10 year gilt yield down 2 basis points at 4.51%. World markets lower yesterday in Europe but heading better in the US & London set to open around 24 points better as at 6.30am.

RETAIL WITH NICK BUBB:

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