Bloomberg Intelligence BI Weekend: Novo Pill, Retail Earnings, Restaurant Sales
Nov 28, 2025
Sam Fazeli, a senior pharmaceuticals analyst, discusses the setbacks faced by Novo Nordisk’s Alzheimer’s pill trials, emphasizing the challenges in early-stage testing. Michael Halen, a senior restaurant analyst, shares insights on November restaurant sales, noting government shutdown impacts and pricing strategies in quick-service chains. He highlights the inflation in beef costs affecting margins and explores Kohl's comeback with private brands, along with Abercrombie's mixed performance compared to Hollister.
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Franchising Reduces Operating Risk
- Franchising offers steadier earnings and predictable cash flow by shifting operating risk to franchisees.
- Operators who prioritize experience and control often prefer owning and operating full-service restaurants.
Kohl's Recovery Hinges On Private Brands
- Kohl's recovery centers on restoring private brands and customer-focused assortments like petite sizing.
- Positive monthly trends suggest potential for break-even in Q4 despite year-over-year comps to overcome.
Hollister Offsets Abercrombie Slump
- Abercrombie's Hollister brand continues to grow with Gen Z while the namesake brand cycles strong prior gains.
- Hollister's momentum offsets some Abercrombie softness and could help the company turn positive in Q4.