Premier Foods #PFD showing just how far it has come. Normalised. And that's quite an achievement.

Premier Foods illustrating how the drop in inflation has impacted volume vs price dynamic

TUI (H1 figures, more capacity), PFD (FY numbers ahead of ests., current year started well), C&C, EasyJet (strong hol numbers), contract catering market (recovery continues), food supply (Brexit costs) & other. Today's e/m & sign up free langtoncapital.co.uk

CPG (H1, raises guidance), BVIC (H1 good numbers), MARS (analysts' meeting yest.), Fulham Shore (numbers), Yum (burger-pizzas), Adnams, jobs market, interest rate outlook & other. Today's e/m & sign up free langtoncapital.co.uk

MARS (H1 numbers, LfL > market), RBG (bid / restructure update), GRG, Flutter (Q1 updates), OTB (H1 numbers), VARE (update), Pizza Pilgrims, BrewDog (goings on), consumer confidence (less bad) & other. Today's e/m & sign up free langtoncapital.co.uk

Interesting to see Marston's $MARS share price soar ahead of its results tomorrow

Shares were just 28p a week ago, currently at 34-35p

Big week for US Fed interest rate decision making coming up

Mon - New York Federal Reserve's monthly survey of consumers’ inflation expectations
Tues - Labor Department’s report on producer prices
Wed - US CPI reading (3.4% expected in April, down from 3.5% in March)

Trading (April poor, no Easter, weather bad, May a tad better), food supply (farm closures), city breaks (cheaper), Punch (quarterly numbers), Soho House (ditto), BrewDog (resignation issues, IPO etc) & other. Today's e/m & sign up free langtoncapital.co.uk

Recent restructuring proposals from Tasty $TAST & Revolution Bars $RBG appear to be CVAs in all but name

'Non-critical' creditors (somewhat insulting term) have been disadvantaged on purpose

Likely to impact the terms offered by suppliers, both critical & otherwise, going fwd

Interest rates (cut 50/50 June, very, very likely by August), current trading, GDP (recession over, services strong), un-lockdown losers, C&C (delay figures), Jet2 (more capacity) & other. Today's e/m & sign up free langtoncapital.co.uk

JDW (Q3 conference call), BrewDog (James Watt steps down), Campari, Airbnb (quarterlies), FDEV (secures 3rd Jurassic World game), trading (April poor, no Easter this year), Euro football (good for some), & other. Today's e/m & sign up free langtoncapital.co.uk

#JDW Q3 Conf Call. Cost inflation vs price recovery. Both numbers now edging back. Cautious on pushing prices too far, would rather have busy pubs. Labour cost will be the big issue. Franchising. Small but sounds like more to come w both Haven & universities.

#JDW Q3 Conf Call. Calendar 2024. Jan & Feb poor, next 2 months steady. Weather unhelpful. Underlying LfL (adj. for fall of Bank Hols) c5.5% to 6%. Says no plans for further large disposals. Hotels lapping tough comps. Growth slower than last year but will open more.

#JDW Q3 Conf Call. Co confirms 'top of the range' for full year, suggests £71m as reasonable base. Says cost problems abated exc. for wages (and some energy). Says Euro Football 'likely to be neutral'. Co 'won't go full-on 'sports bar''.

JDW (Q3, profits towards top end), PIER (15mth update, comps not comp), XPF (update, 15mths, ditto), AB InBev (Q1), site closures (fewer of them but off a smaller base), train strikes, trading & other. Today's e/m & sign up free langtoncapital.co.uk

BRC says 'A dull, wet April dampened sales growth for clothing and footwear, especially outdoor sportswear, as well as DIY and garden furniture.' For 'dampened growth' read 'actual decline'. Not good, even smoothed for Easter. Per Nick Bubb, is 'awful'.

Barclaycard data (sluggish spending, restaurants not good), RBG (update on refi), Heineken (pub refurbs), YUM (quarterlies), Tasty (update) REKOM (another name change), FDEV (trading better) & other. Today's e/m & sign up free langtoncapital.co.uk

Quarterly numbers from Intercon, Shake Shack, NCL, Peloton, Texas Roadhouse, Apple & others. Hostmore FY numbers, trading issues, Bank Holidays, weather, late night market & other. Today's e/m & sign up free langtoncapital.co.uk

UK Hotels: Travelodge (y/e Dec 23) & Whitbread $WTB
(y/e Feb 24) reported FY numbers

Both saw profit significantly up YoY, driven by increase in room rates

Hotel performance is cyclical, with WTB signalling a tougher Q1 it might be that we've already seen the top of a cycle...

Revolution Bars (EGM delayed, possible bid interest), Hostmore (shares suspended, audit taking time), Hostelworld (AGM), US quarterlies from DoorDash, YUM, Starbucks, Wingstop, Marriott. Food supply, Brexit costs & other. Today's e/m & sign up free langtoncapital.co.uk