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Gloucestershire Business News

Greggs share price crumbles

Greggs share price fell this morning, as the company blamed the Beast from the East for taking a bite out of its profits.

The cold snap in March forced temporary closures of several stores and added to overall weaker trading in early spring, as reported by the BBC.

Like-for-like sales slowed to 1.3 per cent in the first 18 weeks of the year, down from 3.5 per cent for the same period in 2017.

Although sales have now bounced back, the company warned that full-year profits could be flat as a result.

Greggs' failure to keep delivering annual profit growth meant shares at the bakery fell almost 15 per cent to £10.81.

Greggs said the year began well, with sales rising 3.2 per cent in January and February, but blamed the March slump on a combination of bad weather, fewer people going into its shops and cautious consumer conditions.

The company now predicts its underlying profits for the year are likely to be at a similar level to last year.

The Newcastle-based retailer has nearly 1,900 shops across the UK, including at least 10 in Gloucestershire.

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