JD Wetherspoon 15-Week Like-for-like Sales Down 8.9%

JD Wetherspoon plc (JDW.L), on Wednesday, reported that like-for-like sales for the first 15 weeks of the financial year were 8.9% lower than the sales generated in the same period of 2019.

Bar sales declined 9.6%, food sales were down 8.1%, and fruit/slot machines dropped 12.3%, while hotels generated 11.5% growth. This is an improvement compared to sales of -17.8% in the last 10 weeks of the previous financial year – ten weeks to 25 July, 2021, when pubs reopened inside – although restrictions applied for most of that trading period.

Food volumes appear to have been affected by some customers working from home, with breakfasts, for example, down by 22% and coffee down by 30%.

The company’s pubs which trade under the ‘Lloyds’ banner, with music, mostly at the weekends, were +0.5%, probably reflecting a higher percentage of younger customers.

Wetherspoon chairman Tim Martin said, “With no music in Wetherspoon pubs (apart from 46 trading as Lloyds), a material proportion of our trade comes from older customers, some of whom have visited pubs less frequently in recent times…”

Further, the company noted that it would continue to concentrate on providing “high standards of service, reasonable prices and regular, small upgrades to the business.”

Alstom H1 Adj. Profit Rises; Sales Up 14% Proforma – Quick Facts

Alstom SA (AOMFF.PK,ALS.L) said its first semester results were in line with its expectations as announced at the Capital Markets Day in July. The company’s operational performance was also consistent with its plan, with the integration of Bombardier Transportation fully on track and the progress on project stabilisation. Looking forward, Alstom confirmed its outlook given in connection with the Capital Markets Day.

First half adjusted net profit increased to 172 million euros from 168 million euros, previous year. Net loss from continued operations (Group share) was 24 million euros, compared to profit of 161 million euros.

First half sales were 7.44 billion euros, an increase of 14% proforma. Order intake was 9.7 billion euros, up 81% proforma.

For fiscal 2021/22, the Group expects progressive recovery of EBIT. Sales progression is projected in second half from first half as a result of production ramp-up and stabilisation efforts.

Paytm IPO, India's largest, subscribed 67% by Wednesday noon

BENGALURU (Reuters) – Indian fintech firm Paytm’s initial public offering of up to 183 billion rupees ($2.47 billion) was subscribed just 67% by noon on Wednesday, the last day of the issue period, indicating tepid demand for the country’s largest stock market listing.

Paytm’s offer of 48.3 million shares had received 3.3 million bids by 0730 GMT, according to stock exchange data.

Sensex ends 81 points lower; Nifty holds 18,000 level

IndusInd Bank was the top loser in the Sensex pack.

Equity benchmark Sensex declined by 81 points on Wednesday due to losses in HDFC Bank, ICICI Bank and HUL amid a weak trend in global markets.

The 30-share index ended 80.63 points or 0.13 % lower at 60,352.82. Similarly, Nifty fell 27.05 points or 0.15 % to 18,017.20.

IndusInd Bank was the top loser in the Sensex pack, shedding over 3 %, followed by Tata Steel, HUL, Asian Paints, Titan and SBI.

On the other hand, Bharti Airtel, M&M, Sun Pharma, Reliance Industries and ITC were among the gainers.

"Broadly, domestic market continued to trade negative after disappointing opening as inflation worries affected the global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

However, he said the market trend was mixed on stock-to-stock basis.

China’s CPI rose 1.5 % YoY, while the producer price index rose by 13.5 % YoY owing to imported inflation and domestic supply shortages, Nair noted, adding that global investors are awaiting the release of the U.S. inflation data due later today, which is expected to continue at peak levels.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended with losses, while Hong Kong was positive. Major indices in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was flat at $ 84.78 per barrel.

Gold gains ₹137; silver declines ₹ 160

Gold price in the national capital on Wednesday gained ₹ 137 to ₹ 47,311 per 10 grams amid rupee depreciation, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹ 47,174 per 10 grams.

Silver, however, declined by ₹ 160 to ₹ 63,482 per kilogram from ₹ 63,642 per kilogram in the previous trade.

Rupee dipped 32 paise to close at 74.37 against U.S. dollar on Wednesday.

In the international market, gold was trading lower at $ 1,827 per ounce and silver was flat at $ 24.30 per ounce.

"Gold prices traded weak with spot gold prices at COMEX trading marginally down at $ 1,827 per ounce on Wednesday. Gold prices traded under pressure with firm dollar and rise in US bond yields," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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