11th Nov 2019 07:58
(Alliance News) - Greggs PLC upped its full-year expectations on Monday after reporting sales growth over the past six weeks of trading.
In the period to November 9, total sales were up 12% year-on-year and the bakery chain registered like-for-like growth of 8.3% in its company-managed shops.
In the same period last year, total sales rose by 8.3% and by 4.0% on a like-for-like basis.
The FTSE 250 firm now expects its full-year pretax profit, excluding exceptional costs, to be higher than previous internal expectations.
Greggs explained: "Sales growth continues to be driven by increased customer visits and has been stronger than we had expected given the improving comparative sales pattern that we saw in the fourth quarter last year. Operational costs remain well controlled and, whilst the comparative sales become stronger still in the balance of the year."
The company previously hiked its 2019 pretax profit guidance in February, after reporting a sales surge helped by its vegan sausage rolls.
In the year to December 29, 2018, the baker reported an underlying pretax profit of GBP89.8 million, on revenue of GBBP1.03 billion.
By Eric Cunha; [email protected]
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