// Greggs posts £13.7m loss for 2020
// Sales fell by 31% to £811.3m in the year to January 2
// Greggs said it has since witnessed a recovery in sales
Greggs has recorded a £13.7 million loss for 2020 after sales were affected by the Covid-19 pandemic.
Despite its losses, Greggs said its trading so far this year has been better than expected.
The bakery chain said this was its first annual loss since it listed on the stock market in 1984.
Sales fell by 31 per cent to £811.3 million in the year to January 2, compared to a pre-tax profit of £108.3m a year earlier.
However, Greggs said it has since witnessed a recovery in sales, particularly this year so far.
In the 10 weeks to March 13, like-for-like sales fell at the slower rate of 28.8 per cent, or 22.4 per cent excluding Greggs’ Scottish stores – all of which have been closed for the majority of 2021.
“Greggs is well placed to participate in the recovery from the pandemic and has demonstrated its resilience and capability to operate under such challenging conditions,” chief executive Roger Whiteside said.