Greggs: Announces H2/2014 Trading Update

Newcastle upon Tyne / UK. (gs) British Greggs PLC announced its interim management statement for the 24 weeks to 13 December 2014. Greggs is the leading bakery food-on-the-go retailer in the United Kingdom with almost 1’700 retail outlets throughout the country and continued its strong performance in the second half to date. H2/2014 summary:

  • Own shop like-for-like sales up 5.2 percent for the 24 weeks to 13 December (2013: 0.7 percent)
  • Year to date own shop like-for-like sales up 4.2 percent (H2/2013: 1.1 percent decline)
  • Total sales growth 3.6 percent year to date (H2/2013: 3.7 percent)
  • LFL performance ahead of expectations, particularly given comparison with strong Q4/2013
  • Customers continue to respond well to products, value, service and investment in shops
  • Favourable trading environment with weather generally helpful
  • Now anticipate full year profits for the 53 weeks to 03 January 2015 to be ahead of analysts´ expectations. But the company anticipates a negative profit impact of the 53rd week – circa 1.3 million GBP – compared with a 52 week year.

Chief Executive Roger Whiteside: «The strong performance that we reported in our September IMS has continued. Trading conditions have remained helpful but there is no doubt that customers are also responding to improvements in our product and service offer and to the investment we are making in the shop environment. Whilst there is still much to play for over the final few weeks of the year we currently anticipate that full year profits will be ahead of analysts´ expectations. We expect to make a further update on trading over the Christmas period in early January».

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