Greggs in line to return to pre-pandemic sales
By David Wood | 10th May 2021
Bakery chain Greggs is on course to return to normal profits this year.
Greggs revealed like-for-like sales in the eight weeks to May 8 were just 3.9 per cent lower than in the same period in 2019.
The sausage roll maker said profits could soon return to pre-pandemic levels as sales have risen strongly since the reopening of essential retailers last month.
In 2020, Greggs sank to its first loss in 37 years due to the pandemic. However, the fast food chain said sales growth since 12 April had been 'positive', partly reflecting the return of shoppers to the High Street.
The drop in sales of 3.9 per cent in the most recent eight-week period to May 8 was a big improvement from a 23.3 per cent fall in the 10 weeks to March 13.
Greggs said it had experienced a 'strong recovery' in sales in recent weeks following the temporary closure of shops last year.
It said that an increase in out-of-home activity, and a lack of competition from indoor dining operators helped boost its sales in recent weeks.
Greggs was the top riser in early trading on the FTSE 350 this morning with shares up nearly 10%.
Copyright 2021 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.