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Greggs’ share price is down 10% in early trading this morning after its annual results failed to reassure investors it could turnaround slowing growth.
The bakery chain saw revenue rise 11.3% to £2.0bn last year although much of this growth was driven by new store openings.
Greggs’ share price plummeted 10% in January after the chain disappointed with sales growth of just 2.5% in the Christmas quarter.
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Morning update
Bakkavor has outperformed expectations as the prepared food business grew volumes ahead of the market in the UK.
Like-for-like revenues increased 5.1% to £2.3bn in the year to 28 December thanks to improving consumer confidence boosting the wider fresh prepared food market.
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Wholesaler Kitwave saw revenue rise 10% last year after it acquired several businesses to try and further its growth.
The AIM-listed business completed the purchase of Creed Foodservice for £60m in September, having already bought Total Foodservice and Wilds of Oldham earlier in the year. The company has now bought 14 companies since 2011.
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Promotions at supermarkets have kept food inflation in check in February as spending on deals rose again last month, according to the latest data out this morning from Kantar.
Take home sales at the mults rose by 3.6% in the four weeks to 23 February year on year, growing slightly faster than inflation of 3.3%.
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