May 9, 2018

Beast from East bites into Greggs sales

Like-for-like sales slowed to 1.3% in the first 18 weeks of the year, down from 3.5% a year earlier. May sales are up, but Greggs said full-year underlying profits may flatline. The group had started the year well, with sales going up 3.2% in January and February, but the combination of the bad weather, fewer people going into its shops and cautious consumer conditions led to its March slump. "Greggs said:"Given the uncertainties over market footfall, we are cautious in respect of the outlook for sales in the balance of the year. "Taking into account trading conditions in the year to date, and our more cautious outlook, we currently believe that underlying profits for the year are likely to be at a similar level to last year."

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