Endeavor Group is bullish on premium wine spending following purchase of Cape Mentelle

“It remains affordable compared to some other indulgences,” he said.

He said it was clear Australians had “enjoyed a very sociable Christmas” as shoppers benefited from offers on premium products during this time.

Steve Donohue, CEO of Endeavor Group, said alcohol remains affordable

Steve Donohue, CEO of Endeavor Group, said alcohol remains affordable “compared to some other pleasures”.Credit:Eamon Gallagher

Pub grub was also a winner for the company over the summer, with a strong upswing in pub business.

“The food opportunity that the hotel offers people in the equation of quality and price really drew people in,” said Donohue. “The affordability of pub grub had us knocked off our feet.”

The biggest challenge for pubs over the summer has been sourcing enough fries amid a national potato shortage after extremely wet weather in 2022 – but Donohue said the group is working closely with suppliers to solve that.

Spending at cafes and restaurants has skyrocketed since COVID lockdowns were lifted in late 2021, but retail sales figures released on Wednesday showed growth had slowed to 0.1 percent in November.

Donohue acknowledges the outlook is uncertain – but noted that the promise of offering the lowest prices on the market puts the company in a strong position across Dan Murphy’s business.

“I think it’s very much a brief observation. There is a level of volatility that may arise in the future – but people take comfort in our lowest price guarantee,” he said.

Endeavor Group shares were flat on Wednesday, gaining just 0.16 percent to close at $6.31.

https://www.smh.com.au/business/companies/endeavour-group-upbeat-on-premium-wine-spend-after-cape-mentelle-buy-20230111-p5cbpr.html?ref=rss&utm_medium=rss&utm_source=rss_business Endeavor Group is bullish on premium wine spending following purchase of Cape Mentelle

Brian Lowry

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