Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Greggs trading update puts store count at 2500
Greggs LON:GRG published a trading statement this morning reporting like for like sales for the first 19 weeks as up 7.4% and the store estate having reached the 2,500 mark. The company expects to continue the geographical expansion so is rolling out new distribution depots. Cost inflation remains in line with previous estimates and management note the strong underlying performance despite macroeconomic headwinds.
- Domino’s vs Greggs: Which looks like the best discount food retailer to buy?
- UK Stock Market News: Greggs, Beazley, Oxford Nanopore
- Companies Reporting: Greggs, Reckitt, Entain, ITV, Vistry
#2. Sales show end of trading year improvement at Currys
Currys LON:CURY has a trading update out for the full year, up to April 27th. Group sales are down 2% on a like for like basis, although a more robust performance has been seen over the last few weeks with revenues and margins both improving. Higher customer adoption of solutions and services is seen as having been instrumental in delivering this turnaround, whilst cost discipline is also cited. Full year results will be published by the end of June.
#3. Full year results show revenues shrinking at Vodafone
Vodafone Group LON:VOD issued its full year results with revenues down 2.5% but operating profits having fallen by almost 75%, although that is explained away as reflecting disposals in FY23, including an €8.6bn gain on the disposal of Vantage Towers. Previously cited capital allocation plans are reiterated and FY25 guidance is that free cash flow will be at least in line with the FY24 figure.
