Greggs’ like-for-like profits rose 5.4 per cent in the last quarter after the bakery famous for sausage rolls modernised its line with healthy sandwiches and better coffee.
The Newcastle-headquartered chain said sales grew by four per cent in the 11 weeks to 13 September, compared to the same time last year. The company said this was boosted by 153 shop refits this year, tighter cost controls and the opening of 32 new shops, while 43 poor-performing outlets were closed.
Chief executive Roger Whiteside said: “This strong performance reflects a positive response from customers to new product initiatives, improved service, better value and our investment in shop refurbishments alongside more favourable trading conditions.
“In particular our new sandwich range with increased focus on our Balanced Choice options has been selling well. Upgrades to our coffee blend and to some of our core sweet lines have also driven increased sales.”
Shares rose 12.3 per cent to close at 602p yesterday.