Initialise string function result?

I've just been debugging a problem with a function that returns a string that has got me worried. I've always assumed that the implicit Result variable for functions that return a string would be empty at the start of the function call, but the following (simplified) code produced an unexpected result:

function TMyObject.GenerateInfo: string;

        procedure AppendInfo(const AppendStr: string);
        begin
          if(Result > '') then
            Result := Result + #13;
          Result := Result + AppendStr;
        end;

begin
  if(ACondition) then
    AppendInfo('Some Text');
end;

Calling this function multiple times resulted in:

"Some Text"

the first time,

"Some Text"
"Some Text"

the second time,

"Some Text"
"Some Text"
"Some Text"

the third time, etc.

To fix it I had to initialise the Result:

begin
  Result := '';
  if(ACondition) then
    AppendInfo('Some Text');
end;

Is it necessary to initialise a string function result? Why (technically)? Why does the compiler not emit a warning "W1035 Return value of function 'xxx' might be undefined" for string functions? Do I need to go through all my code to make sure a value is set as it is not reliable to expect an empty string from a function if the result is not explicitly set?

I've tested this in a new test application and the result is the same.

procedure TForm1.Button1Click(Sender: TObject);
var
  i: integer;
  S: string;
begin
  for i := 1 to 5 do
    S := GenerateInfo;
  ShowMessage(S); // 5 lines!
end;