Greggs is on a (sausage) roll as shares surge after profits expected to be above expectations
By James Young | 11th November 2019
The money keeps sausage roll-ing in at Greggs, who have upgraded their 2019 profit outlook after reporting "strong trading momentum."
The food-on-the-go retailer who operate m
ore than 2,000 shops across the UK issued a trading update to the Stock Exchange this morning.
They announced that sales for the six weeks to November 2019 were up by 12.4 per cent with like-for-like sales up 8.3 per cent.
"Trading performance in the fourth quarter to date has continued to be very strong, despite the strengthening comparators seen in 2018.
"Sales growth continues to be driven by increased customer visits and has been stronger than we had expected given the improving comparative sales pattern that we saw in the fourth quarter last year.
"Operational costs remain well controlled and, whilst the comparative sales become stronger still in the balance of the year, the Board now anticipates that full year underlying profit before tax (excluding exceptional charges) will be higher than our previous expectations."
Shares jumped on the news, trading 14.85 per cent higher than Friday's close at midday as the markets responded positively to the news.
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