Like-for-like profits fall at Greggs

Profits fell at bakery chain Greggs during the 26 weeks to July, despite stronger performances on the high street.

Like-for-like own shop sales were down 2.9% resulting in pre-tax profit fall of £4.6m to £11.4m.

Greggs said their focus was now on returning like-for-like growth in the £6bn “food on the go” market.

During the period the multiple open 19 new stores and carried out 90 shop refits. A trading statement said there was plans for 20-30 new stores overall this year.

Chief executive Roger Whiteside commented: “Greggs is a strong brand that has the ability to grow shareholder value over the long term. Our focus for the future will be on winning in the growing food on the go market.

“As a consequence we will spend the next two to three years reshaping the business as we build the platform for long term sustainable profit growth for the benefit of shareholders, employees and the wider community.”

Total group sales were up 3.4% at Greggs.