Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Fuller, Smith & Turner trading reaches reached 86% of 2019 levels
Ahead of their AGM, Pub and Hotel operator Fuller, Smith & Turner LON:FSTA has issued a short trading statement. The company notes that over the seven weeks to 18th September, trading across its estate has reached 86% of the level seen in 2019. There’s a risk that sales figure is flattered by price inflation but the diversification of the chain – rural pubs in the chain have fared well over the summer, whilst guest numbers are picking up in central London venues now – also seems to have helped. Until the interims in the latter part of November however, investors will have to make do with this.
#2. City Pub Group plans to double its estate
Keeping with leisure and The City Pub Group LON:CPC has published numbers for the first half to 27th June. For the period since 17th May, sales stand at more than 90% of pre-pandemic levels and the company notes further improvements in performance of city centre sites since office workers began to return at the start of this month. The company acquired two new properties in the first half and notes that its ambition is to take the estate to more than 100 outlets, doubling the current number.
#3. DFS Furniture sees strong customer demand
Furniture retailer DFS LON:DFS has its full year numbers out today, covering the 52 weeks to 30th June. Unsurprisingly, sales are well ahead of the previous year – up almost 50% – although the uptick over the 12 months to June 2019 is rather more restrained at 7.2%. Online channels have performed well over the pandemic with sales up 185% whilst the company also delivered record underlying pre-tax profits. Customer demand in the final quarter has been strong and the group is said to be well placed to post profits for the current year in the middle of previously stated expectations.
