Why it matters: Endeavour Group, owner of Dan Murphy’s, BWS and 354 hotels, generated overall sales growth of 2.1 per cent in the past three months.
CEO Steve Donohue said there had been a slowdown in liquor retailing in the lead-up to Father’s Day, but trade had picked up since then.
Major shareholder Bruce Mathieson, who owns 15 per cent, labelled the sales growth weak and renewed a call for Endeavour chairman Peter Hearl to resign.
Endeavour chief executive Steve Donohue says the hotels and liquor retailing group will wind back the purchase of new pubs and cut investment in its rapid delivery service as it tries to lift shareholder returns.
Mr Donohue made the comments as Endeavour disclosed sales growth across its business of 2.1 per cent in the 14 weeks to October 1. The company operates 354 hotels and the Dan Murphy’s and BWS liquor chains.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
