Just caught Endeavour Group's latest earnings and the market's not thrilled - shares dropped 4.3% after they posted a 17.1% profit decline to A$247M for the first half. Sales barely moved though, up just 0.9% to A$6.68B, so the profit squeeze seems to be more about margins than demand. The retail side was the real drag with EBIT down 11.6%, which is pretty rough considering how competitive the liquor market is right now. That said, Endeavour's apparently holding its own in market share, so it's not like they're losing ground to competitors. The dividend is still solid at 10.8 cents per share, which shows management isn't panicking. What caught my eye is the second half looking a bit better - first seven weeks showed 1.3% growth in retail and 4.5% in hotels. Obviously February cooled off compared to January, but if Endeavour can keep that momentum going, H2 might tell a different story. Worth watching how the group performs in the coming months.