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Greggs PLC: Announces Trading Update Q4-2019

Newcastle upon Tyne / UK. (gs) British Greggs PLC, the leading bakery food-on-the-go retailer in the UK with more than 2,000 retail outlets throughout the country, announced a Trading Update for the fourth quarter (Q4/2019). Highlights:

  • Total sales up 12.4 percent for the six weeks to 9 November 2019
  • Company-managed shop like-for-like sales up 8.3percent for the six weeks to 9 November 2019
  • Like-for-like performance has held up well against strengthening prior year sales
  • Now anticipate 2019 full year profit before tax (excluding exceptional charges) to be higher than previous expectations

Trading performance and outlook

Trading performance in the fourth quarter to date has continued to be very strong, despite the strengthening comparators seen in 2018. In the six weeks to 09 November 2019, total sales grew by 12.4 percent (2018 comparator period: 8.5 percent) and like-for-like sales in company-managed shops increased by 8.3 percent (2018 comparator period: 4.0 percent). In the year-to-date, total sales have grown by 13.4 percent and like-for-like sales have increased by 9.2 percent.

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. Operational costs remain well controlled and, whilst the comparative sales become stronger still in the balance of the year, the Board now anticipates that full year underlying profit before tax – excluding exceptional charges – will be higher than previous expectations.