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UK Baker Greggs Nudges Up Profit Forecast After Strong Finish To 2018

Published on Jan 9 2019 8:29 AM in Retail tagged: Bakery / food to go / Greggs

UK Baker Greggs Nudges Up Profit Forecast After Strong Finish To 2018

British baker Greggs nudged up its 2018 profit forecast to at least £88 million (€97.7 million) after demand for its festive bakes, mince pies, hot drinks and breakfast items led to a "very strong" finish to the year.

Greggs, which launched a vegan version of its popular sausage roll last Thursday, said like-for-like sales in its company-managed shops grew 5.2% in the fourth quarter.

The company, which opened 149 new shops last year to take its total to 1,953, in November upgraded its pretax profit forecast to at least £86 million, sending its shares to a high of 1,442 pence.

Chief Executive Roger Whiteside said Greggs had delivered "a very strong finish to 2018 despite the well-publicised challenges in the consumer sector".

"This performance was broad-based, reflecting the strength of our range of freshly-prepared food and drinks, and the strategic changes that we have made in recent years to focus more effectively on the food-on-the-go market," he said on Wednesday.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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