9th May 2016 06:15
LONDON (Alliance News) - Greggs PLC on Monday said it increased sales in the first 18 weeks of 2016 as its breakfast and healthier Balanced Choice ranges continued to prove popular and as it carried on refitting and investing in its store estate.
The FTSE 250 bakery and food-to-go retailer said total sales in the 18 weeks grew by 5.7% year-on-year, while company-managed shop like-for-like sales were up by 3.7%, which it said was driven by its breakfast range, hot sandwiches and Balanced Choice items.
Greggs noted that conditions on the high street were softer in March but recovered in recent weeks.
During the period, Greggs refitted 55 shops, opened 43 new shops and closed 21 shops. It has also progressed with plans to close three bakeries as part of its GBP100 million investment programme.
"We have made a good start to the year. Input cost inflation remains low despite increased wage costs and, with a strong pipeline of product initiatives and plans to invest in our shops and supply chain, we expect to make progress in line with our previous expectations," Greggs said in a statement.
Greggs is holding its annual general meeting on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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