Total sales and like-for-likes up for Greggs
In its Christmas and New Year trading update, Greggs plc announced that for its Christmas trading period (five weeks ending 8th January 2011), total sales were up 3.5% and like-for-like sales up 0.6%.
For the financial year 2010 (52 weeks ending 1 January 2011) total sales were up 2.2% and like-for-like sales up 0.2%.
Christmas week ending 25 December 2010 saw total sales for the week increase by 19.6 per cent and like-for-like sales by 16.0 per cent, building on the 6.5 per cent increase in total sales in Christmas week 2009. The last-minute rush by many shoppers, combined with a more favourable trading pattern where Christmas day fell on Saturday, drove strong sales.
Greggs added 68 net new shops during the year and has over 1,480 retail outlets throughout the country, serving six million customers each week.
Chief Executive Ken McMeikan commented,"I am very pleased with both our record Christmas week sales and our new shop opening programme, particularly considering how difficult the trading conditions on high streets were in the run up to Christmas.
"I can't speak highly enough about our people both for the smooth handling of our expansion programme and for the remarkable dedication that they have shown in keeping our shops open and our supply chain functioning during the exceptionally bad weather during November and December.
"Despite the impact of the snow, we anticipate reporting full year results in line with expectations when we make our preliminary results announcement on 16 March 2011. The consumer environment in the year ahead is likely to continue to be challenging but we remain well positioned to make further progress in 2011 and expect to open around 80 net new shops, creating more than 700 new jobs."
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