Greggs seen at 'inflection point' amid expectation-beating profits Proactive uses images sourced from ShutterstockAnalysts at JPMorgan reckon Greggs PLC (LSE:GRG), the baker, may have reached an earnings inflection point after first-half profits beat expectations and management adopted a more confident tone on trading. "The inflection we talked about appears evident now," analyst Borja Olcese said in a note, citing "materially more positives than negatives". Cost inflation guidance fell to around 2% from 3%, while planned capital expenditure was cut to about £180 million from £200 million. Greggs remains in a net cash position, with stronger-than-expected operating cash flow pointing to scope for future share buybacks. The baker's main weakness was volumes, with like-for-like sales growth of 1% late in the period implying volumes fell by around 1% to 2%.