Greggs (GRG); releases trading update for the first 19 weeks of FY2019

Published on 14-05-2019 08:11:09
Author Kate Heseltine
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Greggs, the leading food-on-the-go format, has delivered exceptional like-for-like sales growth of 11.1% over the first 19 weeks of FY19, a further improvement on impressive growth of 9.6% in the first seven weeks of the year.

Sales have been boosted by the phenomenal success of the vegan-friendly sausage roll, which has been made more widely available across the stores following limited availability in the early part of the year. Other categories, such as coffee and the post-4pm pizza deal, have also been performing well and a new summer menu has just been launched. Strategic investments, including the commissioning of new manufacturing platforms are also progressing in line with plans.

As a result of the exceptional level of sales growth, management anticipates materially higher sales and underlying profits than its previous expectations (Edison FY19e PBT forecast prior to today’s upgrade: £98.8m). This is the fourth upgrade since late November, and testament to Greggs’ substantial progress with the brand transformation and savvy use of social media to engage with new and existing customers.

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