Home Business News Gregg sales swing to a major loss

Gregg sales swing to a major loss

by LLB Finance Reporter
28th Jul 20 9:01 am

The high street bakery Greggs have revealed that the company only sold 72% of their pasties, sandwiches and drinks, compared to the same seven days in 2019.

Greggs are hopeful that sales will slowly return back to normal. In 2019 the bakery made in the first half of the year, pre-tax profits of £36.7m, but swung to a loss of £65.2m in the six months to July.

In the six months sales were down by 45% to £300.6m, despite like-for-like sales being up by 7.5% in the first nine weeks of 2020.

Chief executive Roger Whiteside said, “Following successive years of unbroken growth, Greggs made a great start to 2020, coming into the year with momentum and clear strategic plans.

“The strength of our business model enabled us to secure the liquidity needed to support our business through the current crisis and then to adapt our operation and strategic investment plans in response to the new environment.”

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