Greggs stays positive despite dip in sales
Greggs is encouraged by an improvement in its like-for-like (LFL) performance, despite a dip in LFL sales for the 13 weeks to 28 September.
Total sales for the company are up 3.5%. However, in its interim statement released today, Greggs said LFL sales for the quarter were down 0.5%, while total sales on the previous year were down by 2.1%.
Chief executive Roger Whiteside said: “We are encouraged by the recent improvement in LFL performance, although with consumer disposable incomes still under pressure we remain cautious. Cost inflation is in line with our expectations and the group’s cash position remains strong. Our overall outlook for the full year is unchanged.
“We have made good progress in developing our strategic plan and our focus on the ‘Bakery food-on-the-go’ format. Customers are enjoying the contemporary new look, easy-to-navigate range and the provision of seating wherever possible.”
The growth in total sales for the year was attributed to new shop openings and “continued growth from franchised shops”.
Whiteside said he was encouraged by the recent improvement in LFL performance, but said the company would remain cautious on account of consumer pressures.
- lfl sales
- full year
- total sales
- lfl performance
- unchanged “we
- position remains strong
- cash position remains
- remain cautious cost
- cautious cost inflation
- group’s cash position