Like-for-like sales slowed to 1.3 per cent
Greggs has warned that underlying profit for 2018 was likely to fall short of expectations after its first quarter trading was affected by “weaker market conditions”.
The British baker, which is transforming itself into a broader takeaway food retailer, said: “Sales in May have started more strongly than we experienced throughout March and April, however given the uncertainties over market footfall we are cautious in respect of the outlook for sales in the balance of the year.
“We are well positioned to compete for sales in the months ahead with the launch of our new summer menu featuring new sandwiches and salads and we will be extending our offer of value meal deals. Costs are being controlled tightly with food input cost inflation easing in line with our expectations, and we expect this trend to continue.
“Taking into account trading conditions in the year to date, and our more cautious outlook, we currently believe that underlying profits for the year are likely to be at a similar level to last year.”
Like-for-like sales slowed to 1.3 per cent in the first 18 weeks of the year, down from 3.5 per cent for the same period in 2017.
Leave a Comment