Sadly for Greggs, the stockmarket did not love their latest results .... and it showed. On the 29th April the share price dropped more than 10% off the back of some fairly tedious results - like for like sales were down 4.4% during the last quarter. Why? Well, bad weather has been blamed.
I already held Greggs in my portfolio before the drop ... and I am very happy to load up on some more. Why, you might ask?
Well, look at my investment criteria:
- Be contrarian - I bought in as others sold out
- Seek dividends greater than 3% - tick, Greggs is at 4.88% and the board will be keen to defend that 'rising dividend every year since listing' reputation
- Exposed to lots of markets - not really, these guys stick to the people they know, who tend to be Scots and those from northern England
- Get Laura's approval - aside from the obesity issue, she's very happy with Greggs
- Never buy on a Monday - nope, bought these bad boys on a Tuesday
Unlike African Barrick Gold, which continues to pile in - my investment has now lost just shy of 61% of it's value. How annoying.
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