Greggs' full year results to beat expectations

The food-on-the-go bakery chain Greggs said favourable autumn trading bolstered outlook for the year

PA Wire Greggs
Greggs

High street bakers Greggs say full year results are expected to be ahead of analysts’ predictions, thanks to favourable autumn trading.

Like-for-like sales were up 5.2% across the second half of the chain’s financial year.

The Newcastle-headquartered firm said it continued a strong performance after reporting a 5.4% like-for-like sales increase across its third quarter.

“Generally helpful” weather had provided good trading across the 24 weeks to December 13, the firm said in a note to shareholders.

The rate of total sales growth across the year to date was down marginally at 3.6% from 3.7%.

Chief executive Roger Whiteside said: “The strong performance that we reported in our September interim management statement has continued.

“Trading conditions have remained helpful but there is no doubt that customers are also responding to improvements in our product and service offer and to the investment we are making in the shop environment.

“Whilst there is still much to play for over the final few weeks of the year we currently anticipate that full year profits will be ahead of analysts’ expectations. We expect to make a further update on trading over the Christmas period in early January.”

Greggs said customers had responded well to shop refurbishments and a number of new products introduced across its 1,700 outlets nationwide.

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