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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. … View Article

FOOD & DRINK

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.”

 

 

 

 

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