The Endeavour Group Ltd (ASX: EDV) share price is trading 3.4% higher at $6.65 so far today.
By comparison, the broader S&P/ASX 200 Index (ASX: XJO) has tumbled 2.23% since the market open.
The drinks retailer has not released any price-sensitive news that could explain the bullish price action. Let's take a look at other possible reasons why the Endeavour share price is up today.
What's fuelling the share price lift?
There are few factors that might contribute to the Endeavour share price performance.
The company was recently added to the ASX 50 Index so it's possible today's price action could be a result of institutional interest.
Today's movement may also reflect a slight market correction after the Endeavour share price has struggled in the past few weeks, likely as a result of COVID-19 lockdowns. Prior to today's bounce, shares in the drinks company were down more than 9% since the start of the month.
As a result, shares in Endeavour have given back much of its gains after posting positive maiden FY21 results.
How did Endeavour perform in FY21?
Late last month, Endeavour released its full-year results for FY21. The company highlighted a 9.3% increase in group sales to $11.6 billion.
Other highlights included;
- Group earnings before interest and tax (EBIT) lifting 22.1% to $899 million
- Group net profit after tax of $445 million
- Final dividend of 7 cents per share
Endeavour noted that a shift to in-home consumption had fuelled retail sales 9.6% to $10,178 million.
However, the company also acknowledged that its hotel business continued to face challenging conditions due to COVID-related restrictions and associated costs.
Snapshot of the Endeavour share price
Following its demerger from Woolworths Group Ltd (ASX: WOW), Endeavour has become a separately-listed entity.
The company's businesses comprise bottle shop chains Dan Murphy's and BWS as well as 300 licensed venues and 12,000 gaming machines.
The Endeavour share price has lifted more than 10% since listing on the ASX in June.
