Greggs plc (LON: GRG) a leading UK food-on-the-go retailer, with more than 2,000 retail outlets throughout the country has provided a trading update for the six weeks to the 9th November 2019.
· Total sales up 12.4% for the six weeks to 9 November 2019
· Company-managed shop like-for-like sales up 8.3% for the six weeks to 9 November 2019
· Like-for-like performance has held up well against strengthening prior year sales
· Now anticipate 2019 full year profit before tax (excluding exceptional charges) to be higher than our previous expectations
Trading performance and outlook
Trading performance for Greggs in the fourth quarter to date has continued to be very strong, despite the strengthening comparators seen in 2018. In the six weeks to 9 November 2019, total sales grew by 12.4 per cent (2018 comparator period: 8.5 per cent) and like-for-like sales in company-managed shops increased by 8.3 per cent (2018 comparator period: 4.0 per cent). In the year-to-date, total sales have grown by 13.4 per cent and like-for-like sales have increased by 9.2 per cent.
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 Board now anticipates that full year underlying profit before tax (excluding exceptional charges) will be higher than our previous expectations.