Analyst Views: What was your reaction to Greggs’ results and new strategy?

 
Kasmira Jefford
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SAHILL SHAN | N+1 SINGER
As anticipated first half results are weak but we take comfort from an improved like-for-like sales trend over the second quarter. Crucially the new CEO has outlined firm strategic changes to revive growth. Whilst there is no quick fix, the new initiatives are all positive moves to improve the fundamental proposition.

WAYNE BROWN | CANACCORD GENUITY
Interim results are worse than we had expected... The group is set to incur one-off costs in the second half as it increases the pace of refurbishments, invests behind the supply chain and re-aligns the business for a changing consumer environment. We believe execution risk now rises materially.

DARREN SHIRLEY | SHORE CAPITAL
After a challenging couple of years, we are encouraged that Greggs’ new strategy will generate an even greater focus on returning the core estate to like-for-like sales growth... However, we have no evidence it will return Greggs to positive like-for-like growth and deliver the potential positive operational gearing.