THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Greggs reports jump in profits

Greggs has reported an almost 50% increase in pre-tax profits in the first half of its financial year as the bakery chain benefited from new sales initiatives such as an improved sandwich range and new coffee blend.

GENERAL MERCHANDISE

Greggs reports jump in profits

Greggs has reported an almost 50% increase in pre-tax profits in the first half of its financial year as the bakery chain benefited from new sales initiatives such as an improved sandwich range and new coffee blend.

Pre-tax profit excluding exceptional items rose to £16.9 million in the 26 weeks to 28 June from £11.4 million in the same period a year earlier.

While own shop like-for-like sales climbed by 3.2%, total sales increased by 3.1% to £373 million.

In addition to improvements in its product offer, Greggs also benefited from changes made to service levels including improved availability, extended trading hours and the launch of the new customer loyalty scheme, Greggs Rewards.

During the period, Greggs completed 131 shop refurbishments in line with its plan to refit around 200 shops in 2014. It also opened 26 new shops, including 14 franchise units, and closed 36 to give a total of 1,661 shops at the end of the first half.

The company said sales growth in July had continued to be strong although there had not been the widespread heatwave conditions that depressed sales last year.

Greggs chief executive Roger Whiteside said: "Whilst our year-on-year performance has benefited from comparison with a period of weak trading in 2013, sales growth is also being driven by initiatives that have further improved our products, availability, service and value. Our new and improved coffee blend and sandwich range are great examples of this.   

"Although sales comparables strengthen in the second half the risk of input cost inflation appears to be reducing. Overall, we expect to deliver an improved financial result for the year and further progress against our strategic plan."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019