Profits dip for bakery chain Greggs
Fast-expanding bakery chain Greggs has reported a fall in like-for-like sales and pre-tax profits.
Total sales grew by 4.8 per cent to a record £735m in 2012, driven in part by the opening of 100 new shops.
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Greggs has reported a fall in pre-tax profits
But like-for-like sales were 2.7 per cent lower and pre-tax profit before exceptional items was £51.9m, down 2.2 per cent.
The company has more than 1,670 shops across the country, including branches in Exeter, Exmouth, Tiverton.
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Chief executive Roger Whiteside said: “Success in our new business channels coupled with new shop openings saw total sales growing again this year despite challenging market conditions.
“We have reshaped our plans for 2013 to focus on our core estate by increasing investment in our successful new formats in ‘food on the go’ and ‘local bakery’.
“At the same time we will continue to develop sales through new shop openings, and make further progress in new markets through our wholesale and franchise agreements.”
On the outlook for the business, Greggs chairman Derek Netherton said: “There can be no doubt that the trading environment will remain very challenging in 2013, with consumers remaining cautious and inflationary cost pressures affecting a number of our key commodities.
“We have set our plans for the year accordingly, with a renewed focus on driving sales from our core retail estate while continuing to develop our wholesale and franchise channels to new markets.
“During the year we intend to make substantial investments in the business, more than doubling the pace of refurbishments in addition to opening new shops in targeted locations. We are also in the process of acquiring the site where we plan to construct a new frozen manufacturing facility in Leicestershire in order to meet the growth in demand from all our channels to the customer.
“As I step down from the business this year, I am confident that we have the right ingredients for further growth under the leadership of Ian Durant, Roger Whiteside and the management team and that the longer term prospects for Greggs are strong.”
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