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Are companies cooking their books?


spunko
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spunko

The economic miracle is continuing apace, apparently. But I just don't see it. This article today piqued my interest - apparently, for the past month, Wagamama is seeing sales at 85% the rate of 2019 ie pre-pandemic. I.e. they are only down -15%.

https://www.thisismoney.co.uk/money/markets/article-9616337/Al-fresco-dining-boosts-Wagamama-owner-sales-soar.html

How on earth can this be true? You could not eat inside until recently, and outside dining is weather dependent. The weather has been shit for this period. The floorsize is massively reduced so the number of covers/tables has been shrunk massively...

There are loads of these stories going round and I just don't believe them. Are companies lying? I suspect so.

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spygirl

50-50.

This is TRG, not just Wagamama.

he bigger chains had the balance sheet and management to operate some fall back plan.

Ive seen large queues for takeways outside of wagamama.

Helped that other places, such as spoons have been closed since Jan.

Id also assume they tweaked their prices up.

 

 

 

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They've used a 5 week period which started on the day outside dining opened up again -12th April.  Pent up demand, very dry April, a bank holiday weekend and probably price increases.

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DTMark

It seems surprising to me too. I'd have expected sales to be down by more than 50% in those kinds of industries which rely heavily on footfall and getting customers through the door.

In Italy many cafes have been doing a takeaway and delivery service - some have gone from Deliveroo and are delivering their food themselves, I guess in order to save money and so as to utilise existing staff to jump on one of those electric scooter things and take the food to the customer themselves.

However even if the food side of the business were only down, say, 30% - profits from drinks would surely be down a lot more.

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PatronizingGit

*some* village pubs seem busy. But after the initial busy first week or two, at least those round here seem only busy fri/sat evenings, and no more so than pre-scamdemic.

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Harley

As someone who spends too much time looking at company accounts, fairyland has been open well before covid.  P&L is one thing to look at but IMO the next hit will be a balance sheet one and these are typically full of fairies.

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Option5
4 hours ago, spygirl said:

50-50.

This is TRG, not just Wagamama.

he bigger chains had the balance sheet and management to operate some fall back plan.

Ive seen large queues for takeways outside of wagamama.

Helped that other places, such as spoons have been closed since Jan.

Id also assume they tweaked their prices up.

 

 

 

Possibly some furlough money and rent/rates holidays/reductions to factor in as well.

Minimal utility bills?

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jamanda

I recall many board meetings discussing how to make the accounts look better so the share price didn't go down.

They were good at it too.  Until it went bang.

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assetrichcashpoor

For Wagamama I wonder if the throughput was higher when they were only doing takeaways compared to sit down meals together with needing fewer serving staff. 

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gibbon
Posted (edited)

Deliveroo et al. When I was doing deliveries during lockdown couldn't believe how busy some restaurants were. Remember seeing about 40 couriers waiting to collect orders outside Honest Burgers at one point. Don't know about wagamama as never did an order from them but did some deliveries from other large restaurants such as Las Iguanas who were operating as dark kitchens, and had 5 or more "fake" restaurants running from their kitchen at the same time. Half the time the lazy cunts wouldn't even use different packaging, making their customers look like right mugs. They were making serious money during the lockdowns.

Edited by gibbon
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