Mexican fast-food chain Guzman Y Gomez's earnings beats forecasts, shares inch higher
FY24 profit rises 94%, beating own and market forecasts
Maintains forecast a slight profit drop in FY25
Shares close 3.2% higher, reversing after a 9% slide earlier
Rewrites throughout with details, updated share moves and analyst comments
By Echha Jain and Byron Kaye
Aug 27 (Reuters) -Mexican fast-food chain Guzman Y Gomez (GYG) GYG.AX posted a full-year profit that beat its own and market expectations on Tuesday, helped by strong demand for its breakfast menu, in its first result since listing in Australia two months back.
GYG raised about A$335.1 million ($227.30 million) in what was Australia's biggest IPO in three years and its results were expected to show if the company, pitched as a "growth" stock due to its original franchise IP and ambitious targets, can live up to its billing.
Its shares closed 3.2% higher at A$37.00 apiece, reversing course after a 9% slide earlier as investors cashed in on its post-IPO rally. The stock has surged nearly 20% since its debut on June 20, five times more than the benchmark stock index .AXJO.
The quick service restaurant chain -- which has 220 stores globally, with 194 in Australia alone -- said profit nearly doubled last fiscal year, but profit growth is expected to drop sharply to just about 5% this year.
The market is starting to worry that GYG will struggle to roll out more stores in the slowing consumer spending environment, said Mathan Somasundaram, CEO of Deep Data Analytics, an investment strategy firm.
The quick service restaurant reported a roughly 94% rise in pro-forma post-tax net profit to A$5.7 million for the year ended June 30, beating its forecast of A$3.4 million and a market consensus of A$2.1 million, according to Visible Alpha.
GYG's global network sales jumped 26% to A$959.7 million in fiscal 2024.
Its comparable sales growth in Australia increased by 8.1%, driven by restaurant capacity expansion and strong sales growth during meal times particularly for breakfast.
GYG maintained its fiscal 2025 forecast of A$6 million underlying profit, marginally above the prior fiscal but well below the market consensus of A$8.4 million, per Visible Alpha.
($1 = 1.4743 Australian dollars)
Reporting by John Biju and Aaditya Govind Rao in Bengaluru; Editing by Tasim Zahid, Subhranshu Sahu and Savio D'Souza
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