GYG shares tumble despite beating guidance
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More news: Guzman y Gomez shares tumbled 5.44% to $33.9 by 11.51am AEST despite beating its full-year guidance in its first results since it floated on the ASX.
GYG recorded network sales of $948.9 million, up 26% from the year prior, while comparable sales grew at 8.1%.
Guzman y Gomez beats FY guidance, plans 31 new stores
The news: Guzman y Gomez has largely beaten expectations in its first set of financial results since it listed on the ASX in June.
The numbers: For FY24, GYG recorded network sales of $948.9 million, up 26% from the year prior, while comparable sales grew at 8.1%.
In the first seven weeks of the new financial year, GYG said same store sales had lifted 7.4%.
On a pro forma basis, the company announced a $5.7 million net profit after tax, 71% higher than its ASX prospectus guided two months ago and almost double its FY23 result.
A statutory loss of $13.7 million was less than forecast in its prospectus. Corporate store margins widened to 17.4% from 14.4%.
No dividend will be paid to allow GYG to focus on growing its store footprint by 31 stores over the next 12 months.
The context: GYG stock has performed strongly since its IPO in June at $22 with the promise it would continue to deliver strong growth as it aims to eventually open 1000 stores across the country.
On Monday, it closed at $35.85 ahead of this morning's results.
What they said: “This result was underpinned by strong comparable sales growth and the continued delivery of restaurant network expansion across Australia," CEO Steven Marks said.
“Strong sales growth and ongoing margin expansion resulted in significant growth in earnings, exceeding prospectus forecasts.”
The source: ASX announcement
