Bakery chain’s sales recovery after covid

North-East based bakery chain, Greggs, has revealed that sales are returning at a faster rate than expected following the easing of lockdown restrictions.

According to Greggs, appetites for sausage rolls have been greater than first thought with sale returning at a faster rate than expected following the ea sing of Covid lock down restrictions.

The bakery has revealed that an expectedslow down at Greggs from the reopening of cafes and restaurants in May has failed to materialise.

In a short update to the London Stock Exchange on Monday, June 28, the company said: "We had expected to see increased competition as cafe sand restaurants were allowed to compete more effectively with our largely take-out offer.

"In recent weeks the impact of pent-up demand for retail has reduced but, nonetheless, like-for-like sales growth in company-managed shops has remained in positive territory ranging between 1% when measured against the same period in 2019.

"This level of sustained sales recovery is stronger than we had anticipated and, if it were to continue, would have a materially positive impact on the expected financial result for the year."

The chain indicated in May that it could return-to-pre-pandemic profit levels later this year but boss es seem convinced it could happen sooner.

In the eight weeks to May 8, sales dropped just 3.9%, compared with a 23.3% fall in the 10 weeks to March 13.

In March, the bakery chain announced its first pre-tax lost in 36 years at the pandemic continued to have an impact on sales.