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Endeavour(ASX:EDV) increases pub meal prices amid soaring cost
Image source – © Mrescape | Megapixl.com
Endeavour Group Limited (ASX:EDV), which operates over 300 hotels and clubs, has hiked prices of most of its pub meals by AU$1-2 as raw material cost, including red meat prices are soaring. Also, this is an opportune time to hike prices as pub crowd has returned.
The company has witnessed a solid rebound in its hotel division in the third quarter, delivering total sales of AU$405 million, up 3.8% from the prior year, as COVID-19 restrictions eased.
Endeavour Group Managing Director and CEO Steve Donohue said that the hotels’ accommodation and gaming parts were the strongest performers while food and drinks were more challenging.
Although EDV’s retail sales declined by 0.7% in Q3 F22 to AU$222 million, EDV’s annualised Online sales stood over AU$1 billion.
Shares of Endeavour Group Limited closed 3.30% lower at AU$7.61 per share today.
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