Nov 11, 2019

Greggs lifts full-year profit forecasts

Greggs, the UK bakery chain, has lifted its profit forecasts for the fourth time this year as more consumers visited its stores. When Greggs last upgraded its earnings outlook in May, the company's in-house broker Edison said that it expected profits for the full year to be around £107m and revenues to come in at £1.16bn. At the beginning of the year Greggs enjoyed a boost from the introduction of its vegan sausage roll, which helped drive revenues above the £1bn mark in March. In its last trading update in October, Greggs disappointed investors when it warned of increased costs from the impact of Brexit and said that it expected to open fewer shops this year than previously planned. In Monday's update, Greggs said that total sales so far this year had increased 13.4 per cent, driven by higher numbers of customer visits. Greggs did not provide a new range for underlying pre-tax profits.

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