Jan 6, 2021

Greggs 'will not bounce back until 2022'

While its decline in sales is slowing, it still expects a £15m loss for the year, which would be its first annual loss since it floated in the 1980s. Greggs made 820 job cuts at the end of last year, after its sales were hit by coronavirus lockdowns and restrictions. Sales in the final three months of the year fell by nearly a fifth, but this decline was less than its sales slump in the third quarter. PA. Greggs said on Wednesday that total sales for the year were down nearly a third to £811m, but government support had helped to limit pre-tax losses. Greggs wants to open about 100 new stores, on a net basis, over the year ahead. "Julie Palmer, a partner at insolvency consultants Begbies Traynor, said:"The latest national lockdown will be unwelcome news for Greggs, which has operated shrewdly during the past year in spite of a lack of footfall, with non-essential stores forced to close and millions working from home.

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