UK-based high street bakery firm Greggs Plc expects higher pre-tax profit in 2018 compared with a year earlier, it said on Tuesday, as it benefits from cost cuts and stronger sales in October and November.
The company, which sells sandwiches, sausage rolls and pastries from more than 1,900 outlets, expects full-year pre-tax profit of at least £86 million pounds, higher than the £81.8 million reported a year earlier.
Its total sales in the eight weeks to November 24 climbed 9%. Like-for-like performance is ‘ahead of expectations’, the group added.
Sales Uplift
Greggs had reported a pick up in underlying sales growth in October, as soft drinks and new focaccia-style pizzas proved popular during a sizzlingly hot summer.
“Stronger trading in October and November is particularly encouraging as it builds on good comparative sales in the same period last year,” Greggs said in a statement.
“Operational costs have been well controlled and, whilst there is still much to play for over the final few weeks of the year, the board now anticipate that full year underlying profit before tax (excluding exceptional charges) will be at least £86 million.”
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
