Spinneys

Spinneys 1961 IPO: A high-margin, fast-growing UAE consumer play :
• Spinneys 1961 Holding is a market leader in the UAE premium grocery segment. It benefits from industry-leading sales density and margins
• Double-digit revenue growth is likely as the UAE grocery footprint expands, and given entry into the KSA grocery and UAE foodservice markets
• Key risks include Dubai’s sensitivity to a global slowdown, difficulties entering new markets or inflation eroding customers’ purchasing power
This report does not constitute investment advice. Please read the important information contained at the end of this document.
Overview :
Spinneys 1961 Holding PLC is an operator of 75 grocery retail stores under the Spinneys, Waitrose and Al Fair brands, with a total leasable area of 1.3mn sq ft (and total selling area of 742k sq ft). Currently it operates 70 stores in the UAE and 5 in Oman; 85% of these stores are owned and managed, while the remainder are operated by a third party. Entry into Saudi Arabia is imminent.