Jan 9, 2019

Greggs upgrades profit outlook on strong end to 2018

Shares in Greggs soared to an all-time peak after the company announced it had finished 2018 on a high, with strong demand for seasonal products helping to drive up final-quarter sales. Roger Whiteside, chief executive, said demand for the vegan sausage roll since its launch last week had attracted new customers, and shown them how much Greggs had changed. The chain reported its total 2018 sales were up 7.2 per cent, with company-managed shop revenues up 2.9 per cent on a like-for-like basis, driven by final-quarter performance when sales in this category rose 5.2 per cent. Greggs opened 149 new shops during the year and closed 50, bringing its total to 1,953 by the end of the year. "Whilst there are many economic and other uncertainties hanging over the consumer environment, we enter the new year with good sales momentum and operational execution, a strong offer and a robust financial position," the company said.

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