Greggs upbeat despite full year loss
Greggs has posted a pre-tax loss of £13.7 million in the year to 2 January after like-for-like sales at its company-managed shops declined by 36.2% year-on-year.
This compares to a profit of £108.3 million in the previous 12-month period.
On a total basis, sales fell to £811.3 million from £1.16 billion in the prior year after the chain was hit by reduced footfall in its high street locations and travel hubs due to Covid-19 restrictions.
Despite the loss, which was its first in 36 years, Greggs has announced that it will be opening 100 new shops in 2021 as it looks to benefit from a post-pandenmic recovery.
Roger Whiteside, Greggs chief executive, said: “Greggs has made a better-than-expected start to 2021 given the extent of lockdown conditions and is well placed to participate in the recovery from the pandemic. It has a clear strategy to extend its digital capabilities and to grow further in new locations, channels and dayparts. These opportunities will benefit all of its stakeholders in the years to come.”
