Greggs - A strong finish to FY23
Greggs (GRG) enjoyed a stronger-than-expected end to FY23 with sales ahead of our estimates and consensus forecasts, enabling GRG to meet its profit expectations for the year. GRG’s strong revenue growth and an improved profit performance in FY23 means it has fared better than many other consumer-facing names during the year. With lower inflationary pressures, the company enters FY24 in a better place with respect to its selling price versus cost inflation than at the start of FY23, when it was still playing catch-up to the prior and ongoing rapid increases in input costs.Greggs is a bakery food on-the-go retailer. Co. provides a range of fresh bakery goods, sandwiches and drinks in its shops. Co. also provides frozen bakery products to its wholesale customers. As of Dec 31 2016, Co. had 1,764 shops in operation Co. had 157 franchised shops operating in travel and other convenience locations, with a particular focus on motorway services and petrol forecourts. Co.'s Balanced Choice products provide choices from a selection of freshly prepared sandwiches, wraps, salads, yoghurts, hot soups, porridge pots and freshly baked savouries.
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