longrg
Greggs plc (LON:GRG)’s half year sales of £694.5m were 27.1% higher than last year, with like-for-like (LFL) sales up 12.3% compared to pre-pandemic levels. Despite the higher revenue, pre-tax profit was broadly flat at £55.8m, reflecting the re-introduction of business rates after a grace period during the pandemic, higher VAT and increased input costs from inflation. Looking ahead, the group said LFL sales in non-franchised shops were 13.1% higher in the four weeks to the end of July, but acknowledged “there are considerable uncertainties in the economy”. Greggs’ expectations for the full ye...
ValueWalk
“Jumping wheat prices and data indicating a fresh slowdown in China’s economy are the unsettling indicators being absorbed by investors at the start of the week. The FTSE 100 opened 0.5% lower, before regaining ground as a picture emerged of a big drop off in demand in China. Retail sales have plunged in the world’s second largest economy as a result of the drastic lockdowns brought in to try and curb the spread of Covid. The monthly sales drop of 11.1% was a dramatic fall and industrial output also slid by 2.9% showing the toll the zero-covid policy has had on the economy. Restrictions in Sha...
ValueWalk
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