Greggs profit expectations heat up as sales soar

Greggs

Greggs’ profit expectations have been upgraded as total group and managed shops like-for-like sales soared.

The high street baking chain reported a 12.4% increase in total sales for the six weeks to November 9, 2019, while company-managed like-for-like shop sales soared 8.4%.

As a result of its strong performance during the period, and across the entire financial year, Greggs said that it now anticipated full-year profit before tax to be “higher than our previous expectations”.

“Trading performance in the fourth quarter to date has continued to be very strong, despite the strengthening comparators seen in 2018,” Greggs said in its trading update. “Sales growth continues to be driven by increased customer visits and has been stronger than we had expected given the improving comparative sales pattern that we saw in the fourth quarter last year.

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