In CEO comments, the company notes that ASP has increased in food restaurants due to inflation, while there has been slight decline in consumer spending in entertainment venues and night clubs. The guidance was kept intact (upgraded on 6 July after Holy Cow! acquisition) for 2023; NoHo expects around EUR 380m sales and around 9% EBIT margin from restaurant business. Pre-Q2 Vara consensus has expected EUR 383m sales and an 9.2% EBIT margin in 2023.
Long-term financial targets will be updated on H1 2024 and the company notes it will reach earlier targets ahead of time. We expect consensus to make slightly positive revisions on the back of Q2 results despite slightly more conservative comments for H2 and continue to view guidance raise possible later this year.
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