Greggs remain cautious amid improved results

Bakery chain Greggs has reported improvement in like-for-like performance, yet say they will remain cautious in the current economic climate

A Greggs bakery shop
A Greggs bakery shop

Bakery chain Greggs has reported improvement in like-for-like performance, yet say they will remain cautious in the current economic climate.

Today’s results showed improved trading for the North East retailer, in line with expectations. Total sales were up 3.6% for the 13 weeks to September 28 2013, and like-for-like sales down 0.5%. The baker’s year to date total sales are up 3.5%, and like-for-like sales down 2.1%

Chief executive Roger Whiteside said: “We are encouraged by the recent improvement in like-for-like performance, although with consumer disposable incomes still under pressure we remain cautious. Cost inflation is in line with our expectations and the group's cash position remains strong.  Our overall outlook for the full year is unchanged. We have made good progress in developing our strategic plan and our focus on the 'Bakery food-on-the-go' format.  Customers are enjoying the contemporary new look, easy to navigate range and the provision of seating wherever possible.”

Greggs, which has 1,700 retail outlets throughout the country, has completed 141 shop refits so far this year, and is on track for a record 215 refits.

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