DARREN SHIRLEY SHORE CAPITAL
“Greggs has reported trading for the 13 weeks to 28 September which includes a more robust sales trend through the latter two months of the period after a more than challenging July. Whilst comparatives were weak against the third quarter of 2012, we take encouragement from the more positive trend.
WAYNE BROWN CANACCORD GENUITY
“While the improvement in third quarter trading is a net positive, the investment case remains unchanged. Profits will continue to come under pressure over the next two to three years as the group invests in refurbishments and strategically repositions the business.
SIMON FRENCH PANMURE GORDON
“The early signs of the group’s strategy initiatives are encouraging and Greggs’ third quarter update should be well received….Cost inflation is in line with expectations but the costs of investing in the core business are likely to constrain profit growth over the next two years.