Jul 30, 2019

Greggs reports best sales growth yet

UK bakery chain Greggs reported its best sales growth to date as it looks to diversify beyond its blockbuster vegan sausage roll, which has boosted sales and prompted the food retailer to upgrade its profit forecasts three times this year. In the 26 weeks to the end of June, Greggs reported total sales up 14.7 per cent to £546m, compared with an increase of 5.2 per cent in the same period last year. As a result Greggs has managed to grow its retail estate to almost 2,000 shops and said that it expects to open 100 more - net of closures - for the year as a whole. Roger Whiteside, chief executive, said that trading was strong although he expected like-for-like growth to slow as Greggs faced stronger comparatives from the second half of 2018. "Given the strength of our year to date and the outlook, we have decided to increase investment in strategic initiatives in the second half of the year to help to deliver an even stronger customer proposition and further growth in the years ahead," he said.

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