Greggs’ sales soften as appetite for pasties wanes
Bakery chain Greggs has reported a decline in sales over the first 18 weeks of the year as it succumbs to the wider headwinds afflicting Britain’s embattled high streets.
Sales rose 5.7 per cent over the period, marking a slight dip on the 5.9 per cent growth recorded over the same period last year.
In a statement Greggs said: “As has been widely reported, conditions on the high street were softer in March before recovering in recent weeks; these conditions were reflected in our own performance.
“We have made a good start to the year. Input cost inflation remains low despite increased wage costs and, with a strong pipeline of product initiatives and plans to invest in our shops and supply chain, we expect to make progress in line with our previous expectations.”
Greggs has been able to counter a wider retrenchment in the retail sector until now by diversifying its traditional range of pasties, sausage rolls and bridies to include healthier options such as Teriyaki Chicken Noodle and Falafel with Humous.
This has coincided with a rolling programme of shop refurbishments together with the opening of 43 new stores.