Greggs: full year results ahead of expectations

Newcastle-based bakery and “food-on-the-go” retailer Greggs said in a trading update that its total sales rose 7% in the 52 weeks to December 31 and that it anticipates its full year results for 2016 will be slightly ahead of its previous expectations.

Greggs shares closed up 1.2%, giving it a current stock market value of just over £1 billion.

In the trading update, Greggs said company-managed shop like-for-like sales were up 4.2%.

Greggs said sales over the Christmas period were particularly strong 

“Our new ‘Balanced Choice’ bakes have proved popular along with hot food options such as our new burritos, and we will soon be extending our hot drinks range to include Vanilla Latte alongside Fairtrade Peppermint Tea and Green Tea,” said Greggs.

Greggs CEO Roger Whiteside said: “We finished 2016 well, delivering our thirteenth consecutive quarter of like-for-like sales growth, and anticipate that we will report full year results for 2016 slightly ahead of our previous expectations.

“In the year ahead, whilst we will undoubtedly see a number of well-documented industry headwinds, we are confident we will continue to make progress with the implementation of our strategic plan, including significant investment in our capability to supply a growing shop estate.”