Greggs share price: what’s the latest ahead of its Q4 trading update?
The UK-based bakery chain will unveil its fourth quarter trading update next week, with investors expecting a strong end to the financial year after the company upgraded its full-year guidance in November.
Greggs is set to unveil its Q4 results on Wednesday, with investors expecting a strong end to the financial year after the company upgraded its full-year profit guidance in November.
The UK-based bakery chain told investors that it anticipates full-year underlying pre-tax profit to exceed its previous guidance after recording a hike in total sales for the six weeks to November 9.
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Strong sales growth sends Greggs shares soaring
Total sales rose by 12.4% in the six-week period to November, up from the 8.5% growth the company accomplished in the same period a year prior.
‘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,’ Greggs said in statement.
‘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,’ the company added.
Since upgrading its full-year profit guidance in November Greggs shares have soared more than 30% to trade at £23.52 as of 11:25 GMT on Friday. A strong set of results next week will likely help the stock make further gains.
Overall, the bakery chain has had a strong 2019, with the stock up more than 75% over the last 12 months of trading.
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Greggs continues its ‘veganise’ popular products
The launch of Greggs vegan sausage roll in 2019 did wonders for the company in terms of brand awareness, with the buzz around the product helping to bring in more customers in 2019.
Greggs is keen to cash in on consumers interest in meatless products, with the bakery announcing the launch of its new vegan steak bake as part of a move to ‘veganise’ popular products.
The bakery chain is looking to increase ‘on-the-go options for people looking to reduce their meat intake,’ Greggs CEO Roger Whiteside said.
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