𝛼SK or Searchbullish
스피니즈 1961 홀딩 PLC: 3월 물류 충격에도 불구하고 수요와 품질은 견조하게 유지됨 – VASRO, 매수 의견 재확인
SUMMARY
- VASRO has published an update report onSpinneys 1961 Holding PLCfollowing the company’s Q1 2026 results. The core investment message is unchanged: demand quality remains strong, the operating platform proved resilient under stress, and the balance sheet continues to support self-funded expansion.
- Spinneys reportedQ1 2026 revenue of AED 1,014m, up11.9% year-on-year, supported by7.4% like-for-like growth. This was the second-strongest quarterly LFL performance in the past four quarters and confirms that the underlying consumer trend remains intact. Transaction growth was also solid, with10.8m transactions, up8.5%, while average basket size increased3.4%toAED 92.9. Online participation reached18.8%, with ecommerce revenue growing34.9%year-on-year.
- The reported margin pressure needs context. Gross margin declined by120 basis pointsto40.1%, and adjusted EBITDA margin fell by190 basis pointsto18.2%. However, VASRO views this primarily as a March-specific logistics event rather than a structural reset. During March, regional disruption meant that only20% of planned shipmentswere received, while remaining shipments faced an average delay of21 days. This led to higher freight costs, non-standard routing, increased use of air freight, higher wastage, and inventory provisions.
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
- Unlock research summaries
- Follow top, independent analysts
- Receive personalised alerts
- Access Analytics, Events and more
Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.
Upgrade later to our paid plans for full-access.
or
Already have an account? Sign In Now
Discussions
(Paid Plans Only)
Price Chart(Sign Up to Access)
- 스피니즈 1961 홀딩 PLC: 3월 물류 충격에도 불구하고 수요와 품질은 견조하게 유지됨 – VASRO, 매수 의견 재확인15 May 2026
x