Greggs upbeat despite full year loss
Greggs has posted a pre-tax loss of £13.7 million in the year to 2 January after like-for-like sales at its company-managed shops declined by 36.2% year-on-year.
This compares to a profit of £108.3 million in the previous 12-month period.
On a total basis, sales fell to £811.3 million from £1.16 billion in the prior year after the chain was hit by reduced footfall in its high street locations and travel hubs due to Covid-19 restrictions.
Despite the loss, which was its first in 36 years, Greggs has announced that it will be opening 100 new shops in 2021 as it looks to benefit from a post-pandenmic recovery.
Roger Whiteside, Greggs chief executive, said: “Greggs has made a better-than-expected start to 2021 given the extent of lockdown conditions and is well placed to participate in the recovery from the pandemic. It has a clear strategy to extend its digital capabilities and to grow further in new locations, channels and dayparts. These opportunities will benefit all of its stakeholders in the years to come.”
Never Miss a Retail Update!
