Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

UK’s Greggs shows resilience with quarterly sales rise


UK’s Greggs shows resilience with quarterly sales rise

LONDON (Reuters) -British baker and fast food chain Greggs kept its full-year outlook as underlying sales rose in the third quarter and it won market share, showing the resilience of its value offer in a cost of living crisis now into a second year.

Greggs also said on Tuesday the rate of cost inflation had eased as it annualised the significant commodity-led increases it saw in 2022.

The group’s sausage rolls, steak bakes, vegan snacks and sweet treats have chimed with Britons whose income has been dented by high inflation. Its shares are up 45% over the last year.

Greggs’ like-for-like sales in company-managed shops rose 14.2% year-on-year over the 13 weeks to Sept. 30, its fiscal third quarter, having been up 16.0% in the first half. Total sales rose 20.8%.

Greggs opened a net 82 stores in the quarter, taking the total to 2,410.

It also extended trading hours into the early evening at more stores, increased customer participation in its app, and further developed its delivery service with a second partner, Uber Eats.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Greggs said the board’s expectations for full-year results were unchanged.

Prior to Tuesday’s update analysts were on average forecasting a 2023 pretax profit of 165 million pounds ($199 million), according to Refinitiv data, up from 148.3 million pounds in 2022.

($1 = 0.8283 pounds)

(Reporting by James Davey; editing by Sarah Young, Paul Sandle and Sharon Singleton)

 

Recent Post: