​Greggs tumbles into the red but hails ‘progressive recovery’ in sales

Greggs

Greggs has swung to a full-year loss following a slump in sales during the coronavirus pandemic.

The food-to-go specialist suffered a pre-tax loss of £14m in the year to January 2, compared with a £108m profit a year ago.

Total sales dropped 31% to £811m during the period, while like for likes in Greggs’ company-managed shops plummeted 36%.

However, Greggs said its top line made a “progressive recovery” during the second half of 2020 and also hailed a “better-than-expected” start to its new financial year as it seeks to rebound from the Covid-19 crisis.

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