Greggs reports better than expected sales
Greggs has said that like-for-like sales growth in its company managed shops has been in positive territory in recent weeks and ranged between 1% and 3% when compared to the same period in 2019.
In its last trading update on 10 May, the company revealed that it had seen a strong recovery in sales levels following the easing of Covid-19 lockdown restrictions on non-essential retail stores across the UK.
In a statement today, Greggs said: ” Since then we had expected to see increased competition as cafes and restaurants were allowed to compete more effectively with our largely take-out offer. In recent weeks the impact of pent-up demand for retail has reduced but, nonetheless, like-for-like sales growth in company-managed shops has remained in positive territory.
“This level of sustained sales recovery is stronger than we had anticipated and, if it were to continue, would have a materially positive impact on the expected financial result for the year.”
Greggs’ total sales in the 18 weeks to 8 May 2021 were £352 million compared to £280 million in the same period in the previous year, but were down from £373 million in 2019.
