JD Wetherspoon

Investors will be looking for signs pubs group's sales momentum is poised to pick up in the second half

Pubs group JD Wetherspoon (JDW) is scheduled to release first half results to 29 January 2023 on 24 March. The shares have had a strong run since last October gaining around 38% on the back of a general market recovery.

A January trading update said first half like for like sales grew 13% but overall sales remain stubbornly below pre-pandemic levels.

In contrast to positive share price gains full year earnings estimates have been consistently revised down by around 35% over the last five months according to Refinitiv data. Higher costs continue to weigh on the company.

On the brighter side Peel Hunt leisure analyst Douglas Jack notes the company has been putting prices up in recent weeks after a very generous January sale. [MG]

Next

Versatile retailer is winning market share as high street and online pure-play competitors struggle

High street and online apparel seller Next’s (NXT) results for the year to January 2023 on 29 March will be scrutinised to see if the best-in-class retailer’s brick and mortar store trading performance continues to turn around. On 5 January, the retail bellwether raised its full year earnings guidance off the back of better-than-expected Christmas sales, although cost pressures and the squeeze on consumers’ disposable incomes from inflation and rising mortgage payments meant Next issued conservative guidance for the year to January 2024. [JC]

Micron Technology

Wells Fargo calls bottom for Micron Technology ahead of second quarter numbers

It’s always risky trying to the call the bottom, not that it stops people trying, and Wells Fargo analysts think the worst could be behind Micron Technology (MU:NASDAQ), the memory microchips manufacturer.

Wells Fargo believes that investors are starting to acknowledge that the market is nearing a fundamental bottom, following ‘what has been an unprecedented downturn in shipment declines.’ But second quarter earnings on 28 March will still be pretty ugly, according to
the analysts.

Micron has already sharply cut Q2 2023 revenue, earnings and gross margin guidance with analyst consensus now anticipating $3.75 billion, a loss per share of $0.65 and 9.3%. But, as Wells Fargo points out, Micron anticipates a positive alignment of supply and demand in the second half of 2023, with the focus now shifting to material recovery into 2024. [SF]

Walgreens Boots Alliance

Transformation into a consumer-centric healthcare company continues under CEO Rosalind Brewer

Second quarter results (28 March) from Walgreens Boots Alliance (WBA:NASDAQ) will be watched to see if the drugstore behemoth has sustained its solid start to the financial year with consumers facing inflationary pressures. In January, the retail pharmacy behind Walgreens and Boots delivered forecast-beating first quarter results and raised its full year sales outlook, in part helped by robust sales in the run-up to Christmas from Boots. However, the positive news was overshadowed by a lurch into loss after Walgreens Boots Alliance took an opioid litigation charge. [JC]

UK UPDATES OVER THE NEXT 7 DAYS

HALF-YEAR RESULTS

24 March: Wetherspoon (JD), Smiths Group

27 March: Bellway, Nanoco, Softcat, eEnergy

28 March: Up Global Sourcing

FULL-YEAR RESULTS

24 March: Ceres Power Holdings

27 March: Life Science REIT, Thungela Resources, Sigmaroc, Dialight, Belvoir, Globaltrans Investment GDR, Tandem

28 March: S&U, Wood Group, Empresaria, EKF Diagnostics Holdings, Flowtech Fluidpower, Animalcare, Team17, Personal Group, Barr (A.G.), Fisher (James) & Sons, VH Global Sustainable Energy Opportunities, Elecosoft, The Mission Group, Synthomer, CPP Group, Good Energy

29 March: Ecora Resources, Big Technologies, Surgical Innovations, Tinybuild, Central Asia Metals, Next, Michelmersh Brick Holdings, Strix, S4 Capital, Inspired

30 March: Aquis Exchange, Chesnara, IGas Energy, BBGI Global Infrastructure, Secure Trust Bank, Artbuthnot Banking, International Public Partnerships, Robinson

TRADING UPDATES

27 March: Darktrace

29 March: Moonpig, AO World

US UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

27 March: Jefferies Financial, Opal Fuels, Boston Omaha

28 March: Micron Technology, Walgreens Boots Alliance, McCormick & Company, Evotec, Cal Maine,

29 March: Cintas, Paychex, Buzzi Unicem, Unifirst

30 March: Blackberry, Altus Power, Artemis Gold

EUROPE UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

24 March: Secunet

27 March: Aurelius

28 March: Rational AG, Dermapharm

29 March: Poste Italiane, Aroundtown

30 March: Kontron, Adesso, Aumann

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