Greggs Sees Like-For-Like Sales Increase In H1
High street bakery retailer Greggs has posted a 3.4% increase in like-for-like sales in company managed stores in the first half of its financial year.
The group said that total sales were up 7.3% for the period to £453 million, while operating profit excluding property gains and exceptional charges were up 1.8%.
"The business has traded in line with our plans during the first half of the year," said Roger Whiteside, Greggs chief executive.
"We have made good progress with our strategic plans and remain confident of future prospects although we remain alert to short-term pressures on consumers' disposable income. Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan."
Among the measures that helped boost Gregg's like-for-like sales growth were increased coffee and breakfast sales, the improved performance of its 'Balanced Choice' range of healthy salads and drinks, and a range of hot food choices.
It opened 61 new shops during the period, with 19 closures, and expects to grow its estate by around 100 net new shops by year-end.
"We have made a good start to the second half of the year and are confident that the strategic investments we are making will enable the business to continue delivering further profitable growth," Whiteside commented. "In the short term. we remain alert to pressures building on consumers' disposable income and the continuing economic uncertainty.
"Over the year as a whole we expect to deliver results in line with our previous expectations as well as further progress against our strategic plan."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.