Food specialist Greggs has posted a fall in first-half profits as tough trading conditions and costs took a toll.
Greggs reported profit down to ÂŁ63.5m in the period to June 28, compared to ÂŁ74.1m in the previous comparable period. Operating profit was down 7.1% to ÂŁ70.4m
Total sales rose 7% to ÂŁ1.03bn. Like for likes at company-managed shops were 2.6% ahead, and up 4.8% in franchised branches.
Greggs said that performance was affected by âchallenging market footfall, more weather disruption than in 2024, and phasing of cost headwinds.â However, the retailer retained existing full-year guidance, which is for operating profit to come in âmodestly belowâ that achieved last year.
Greggs chief executive Roisin Currie said: âAfter a challenging start to 2025 we remain clear on the strategic opportunities that lie ahead. Through our disciplined estate expansion and focus on innovation, Greggs is evolving its offer further and making the brand more convenient for a wider range of customers.
âThe outlook for cost inflation is unchanged and we are making great progress in building the supply chain infrastructure that will support the next phase of growth.â
In thr first half Greggs continued to expand âbeyond traditional high street locations to provide more convenient access to Greggs and reach more customers,â and that it is on track to open 140 to 150 net new shops in 2025. It has 2,649 at present.
No comments yet