Greggs serves up high street shock
Bakery and snack chain Greggs has delivered a rare thing from the embattled British high street – a profit upgrade.
Bosses had previously been concerned that supplies and sales could take a hit from the UK leaving the EU on 31 October, with potential delays to imports. But with an extension agreed, those concerns have now been allayed.
As a result, sales in the six weeks to 9 November were up 12.4 per cent, with like-for-like sales 8.3 per cent higher when new stores are stripped out.
The firm, which has more than 2,000 outlets throughout the UK and has been opening more stores in out-of-town sites, said it now anticipates “2019 full-year profit before tax (excluding exceptional charges) to be higher than our previous expectations”.
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It added: “Sales growth continues to be driven by increased customer visits and has been stronger than we had expected given the improving comparative sales pattern that we saw in the fourth quarter last year.”