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Greggs LFL sales edge up in Q3


Fast food retailer Greggs has seen its total sales increase 5.4 per cent in its third quarter period, according to an interim statement published today.

The baker reported that like-for-like (LFL) sales were also up by 0.8 per cent in the 13 weeks to October 1st 2011 compared to the same period last year, while year to date sales rose by 4.6 per cent, up 0.6 per cent on a LFL basis.

Despite the ongoing economic difficulties facing the sector, the retailer has maintained its focus on expansion, with a net 53 new shops launched in the year to date.

A £21 million investment in the opening of two new distribution bakeries, one in Penrith and the other in Newcastle Upon Tyne, has also been made with both completed on time and on budget during the quarter.

Refurbishment has also taken place at existing stores with the company completing 48 revamps in Q3, bringing the total in the financial year to date to 138.

The chain remains on track to achieve its target of opening around 80 net new shops over the whole of the year and completing a total of 160 refurbishments.

Greggs was one of a number of food retailers to have opened a store in new east London shopping centre Westfield Stratford City with this new addition reporting a record-breaking first day of trading for the company.

CEO Ken McKeikan commented: “Our investment and expansion programmes are on track and the financial position of the business is strong.

“We remain confident in the prospects for the Group and our expectations for the year are unchanged.”

Boardroom changes were also confirmed today as the company announced the appointment of a new independent non-executive director, Ian Durant, with immediate effect.

Durant is currently Chairman of Capital and Counties Properties PLC and a non-executive director and Chairman of the Audit Committee of Greene King plc.

He is also a non-executive director of Home Retail Group plc and his appointment has been welcomed by Chairman Derek Netherton.

“We are delighted that Ian has agreed to join our board. He brings extensive financial and commercial experience, and added insight into the world of commercial property.”

Netherton also paid tribute to Bob Bennet, who will retire as a director of the Greegs board at the next AGM, currently scheduled to be held on 16 May 2012.

“At the Annual General meeting next May, I intend to pay tribute to Bob Bennett’s significant contribution to Greggs,” he added.

Published on Thursday 06 October by Editorial Assistant

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