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Greggs to face questions over prices

NORTH East bakery giant Greggs will reportedly face questions this week over the impact of recent surging wheat prices, following droughts in Russia.

The Newcastle-headquartered group, which has 1,400 stores across the UK, has kept sales in positive territory so far this year.Like-for-like sales for the 18 weeks to May were up 0.6% against tough sales comparisons a year earlier.

However, according to analyst predictions, the jump in wheat prices could be the main talking point at tomorrow’s interim results.

Forecasts estimate pre-tax profits of £51.4m for the full year to January - up from £48.8m a year earlier, but this could be squeezed if the group anticipates a significant rise in costs as a result.First-half figures should at least be boosted by the chain’s recent push into the breakfast market.

The group said in May it had sold more than two million bacon or sausage breakfasts to customers since the national launch in February.

The business is currently planning further store expansion to capitalise on growing popularity for its value for money proposition.

This was posted in Bdaily's Members' News section by Ruth Mitchell .