Shares of Newcastle-based Greggs fell as much as 15% after it published a trading update for the 26 weeks ended June 28, 2025, saying full year operating profit “could be modestly below that achieved in 2024.”

Greggs said total first-half sales were up 6.9% to £1.027 billion.

The firm reported 2.6% like-for-like sales growth “with good progress in May followed by slower growth in June as high temperatures impacted consumer purchasing patterns.”

“The board now anticipates that the full year operating profit could be modestly below that achieved in 2024 …” said Greggs.

“Like-for-like (LFL) sales in company-managed shops grew by 2.6% in the first half of 2025. The previously-reported improved sales performance in the 11 weeks to 17 May continued through the rest of May but LFL sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall.

“Total sales in the 26 weeks ended 28 June 2025 were up 6.9% to £1,027 million (2024: £961 million).”

In its outlook, Greggs said: “The company will publish its 2025 interim results on 29 July 2025. The board expects first half operating profit to be lower than H1 2024, reflecting the stronger comparative trading performance in H1 2024 and the phasing of refurbishments and cost recovery initiatives across the current year.  

“For the full year, our cost inflation outlook remains unchanged and planned cost mitigation measures are expected to enhance second half performance. 

“Whilst acknowledging that comparative LFL sales are less demanding in the second half of the year, in light of the current trading conditions the board now anticipates that the full year operating profit could be modestly below that achieved in 2024.”