Bakery Chain Greggs Sees Sales Up 6.0% In H1 2016
UK based bakery chain Greggs has posted a 6.0% rise in sales in the first half of 2016, with like-for-like sales in company owned stores up 3.8%.
The group posted sales of £422 million for the period, and an operating profit (excluding property gains and exceptional charges) of £27.2 million, up 6.7%.
The company said that it enjoyed strong sales from the unveiling of its ‘Balanced Choice’ range, as well as through 'further development of the breakfast and hot drinks offer'.
“In the first half of 2016 we delivered good like-for-like growth by reinforcing the freshness and value of our offer in line with changing trends in the food-on-the-go market," said chief executive Roger Whiteside.
"We have made an encouraging start to the second half of the year and are alert to any change in consumer demand that may result from the current economic uncertainty. Overall, we expect to deliver full-year growth in line with our previous expectations as well as further progress against our strategic plan.”
Commenting on its performance, Sneha Alexander, analyst at Verdict Retail, said, "Greggs’ sustained focus on providing fresh, healthy food has continued to drive growth, with total sales increasing by 6.0% to reach £422m. Its Balanced Choice range provides a number of lines that are prepared instore to ensure freshness and quality, while its efforts to meet customer demand for healthy and affordable food could attract consumers to trade down from more premium players in the food-to-go market such as Pret and EAT."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.