Greggs (GRG); 3Q update: higher sales despite challenging conditions, FY expectations unchanged

Published on 09-10-2018 07:49:48

In the 13 weeks to 29 September 2018, GRG’s total sales grew 7.3% YoY and LFL sales in company-managed shops grew 3.2% YoY despite strong Q3 comparatives. The company opened 93 new shops YTD and closed 35 shops. It expects 100 net openings in 2018.

Total sales grew 5.9% YTD, while LFL sales grew 2.1%. The company had 1,912 shops trading as of 29 September (1,677 own and 235 franchised). Full year expectations remain unchanged. The company also noted that its investment in supply chain continues in line with the commissioning of new consolidated manufacturing platforms at Newcastle, Leeds and Manchester sites in Q4. It also plans to implement the human resource and estate management modules of integrated SAP, with payroll due to follow in early 2019.

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