Like the yeast in a good batch of dough, Greggs’ half year pre-tax profits have risen nicely. As it capitalises on the nation’s healthier lifestyles, the high-street baker is enjoying a boost in sales thanks to its refreshed menu and burgeoning breakfast trade. Half year pre-tax profits are at £25.6m, up from 2014’s £16.9m.
Like-for-like sales at on-the-go food outlets were up 5.9% and total sales were up 6.4% to £398m, Greggs said this morning.
Currently the food retailer has 1,664 shops in the UK and in a statement, cited that It had returned to net shop growth, having opened 44 stores and closing down 30.
A new “Balanced Choice” range of sandwiches under 400 calories has been met with enthusiasm and added breakfast options, such as porridge, have been popular as more and more Brits opt to grab their breakfast on the go.
The Newcastle-based company said trading conditions had been favourable, “with low inflation boosting real incomes and helping us to keep our prices low”.
Chief Exec Roger Whiteside added: “We have had a strong first-half with good growth in sales reflecting improvements in our products and the reaction to our shop investment programme.
Our offer of great tasting food-on-the-go is being well received by the consumer in market conditions that have remained favourable.”
He said the outlook remained strong for the business: “We are confident of delivering a year of good growth slightly ahead of our previous expectations.”