Greggs: profits are up in the pastry kingdom!
The high street bakery chain with its joyous array of treats such as The Greggsnut (a creation of such wonder, it contains at least a year's worth of your recommended daily sugar intake, and just looking at it could kill you) and favourites such as prawn baps, doughnuts and bite-size pizza slabs, opened 26 stores and closed 36 – some of which were freehold property sales, generating £1.4m of revenue.
Greggs is predicting that its operating profits will now be £16-17m when it announces its interim results this month, an increase of up to 48% on £11.5m last year.
A sausage roll said: “Overall, we expect to deliver an improved financial result for the year and further progress against our strategic plan.”
Greggs’ chief executive Roger Whiteside, announced a strategic review last year in which the company decided to focus on the £6bn-a-year “food on-the-go” market by extending opening hours and pushing hard on the sandwiches and sweet stuff.
As part of the strategy, the firm closed its remaining 79 in-store bakeries in January, slashing 300 jobs. The vast majority of Greggs’ 1,661 stores are now served by regional bakeries.