May 9, 2018
Greggs: soured dough
Flogging Cornish pasties to commuters has long been a sound strategy for British baker Greggs. On Wednesday the company reported sales in the first four months of the year up 4.7 per cent. Like-for-like turnover in the same period rose just 1.3 per cent, half last year's rate. Total retail sales in April fell 3.1 per cent year on year, the worst monthly decline since data collection began in 1995. With estimates falling, shares in Greggs have yet to bake in all the bad news.
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