REBALANCING
Fast-growing bakery chain Greggs has posted a strong rise in third-quarter sales as the sausage roll-to-healthysalads retailer also announced the launch of an “all-day breakfast” wrap for consumers on the go.
Greggs, which has about 220 stores north of the Border, said in a third quarter trading update yesterday that total sales rose 8.6 per cent in the 13 weeks to end-september.
Same-floorspace sales, stripping out new shops, and a more relevant metric as far as the City is concerned in terms of underlyng performance, lifted 5 per cent.
The group recorded particularly strong trade at breakfast time, along with an increase in its healthy eating ranges.
To this end, Thai Chicken Soup will also be added to its menu this autumn, sitting alongside cold-pressed juice and freshly-prepared salads as part of Greggs’s “Balanced Choice” options.
Greggs trades from 1,830 stores across the UK, and is in the midst of a shop refurbishment programme that has
0 Greggs is launching a new all-day breakfast wrap
GEORGE SALMON seen 120 refits. In the year to date, total sales have risen 7.8 per cent and like-for-like sales are up 3.9 per cent..
In August, half-year profits at the chain took a hit from costs linked to restructuring the business. The group also saw profit margins hit by higher import costs caused by the weakness of the pound, and it said it was remaining alert to the squeeze on consumer spending.
The company said yesterday: “As we have previously indicated, food ingredient cost pressures are a headwind, although we continue to expect that the rate of increase will begin to ease towards the end of the year.”
George Salmon, equity analyst at stockbroker Hargreaves Lansdown. said: “Increasing like-for-like sales, plus the planned addition of new shops this year, means Greggs has got all the ingredients of an attractive roll-out story.
“It’s good to see the group investing to ensure its menu doesn’t become stale, too. New breakfast options and
“It’s good to see the group investing to ensure its menu doesn’t become stale”