High Street Baker Greggs Sees Profit Decline In First Half
Food-to-go retailer Greggs saw its operating profit decline to £25.7 million in the first half of 2018, down from £27.6 million last year, with the retailer citing the impact of extreme weather conditions at this start of the year as the most significant factor affecting its performance.
In addition, the group said that while food input cost inflation 'continues to moderate as expected', the current spell of hot weather is affecting agricultural yields and could result in an additional cost headwind.
Notwithstanding, the group is confident that cost pressures 'remain in line with expectations', and the business is on track to make good progress in the full year, due to a number of strategic investments the firm is undertaking.
Try European Supermarket Magazine PREMIUM – 30 Day FREE Trial.
A trial subscription gives unrestricted access to all premium site content, app content, weekly email content and European Supermarket Magazine digital edition for a full 30 days. Try it now!