May 10, 2021

Greggs profits set to bounce back to pre-pandemic levels

A swift rebound in sales has prompted Greggs to says its profits this year could bounce back to pre-Covid levels. In March, Greggs reported its first full year loss in 36 years after battling a sales slump due to the coronavirus pandemic. Greggs said if restrictions ease in line with current plans "Then we now expect our overall sales performance for the year to be stronger than we had previously anticipated". Greggs compared current trading with 2019 rather than 2020 because in that year it was "Severely" hit by temporary shop closures. In the first 18 weeks of the year it opened 34 new shops, including 13 franchises, and closed 11, giving a total of 2,101 shops trading as of 8 May. Retailers and financial firms have been noting a boost in shopping since non-essential shops could reopen in April, and have been cautiously optimistic about the prospects for the UK economy.

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