Greggs cooks up new recipe to revive sales

Kasmira Jefford
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GREGGS’ new chief executive unveiled plans yesterday to pull the chain away from its roots in the dwindling bread business and focus on food-on-the-go after posting a slump in profits.

Roger Whiteside said 70 per cent of customers visited Greggs for “food-on-the-go”, but it was losing share in the £6bn market due to growing competition from sandwich chains and exposure to declining categories like bread.

“To win we have to be a fully focused food-on-the-go retailer,” he said.

The group will now spend the next three years revamping stores into a “bakery food on the go” format emphasising new ranges of lunchtime food and afternoon snacks like pizza and cake.

Greggs will also slow the number of openings to 30-40 stores compared to 100 last year, relocating to busier areas like workplaces and travel hubs.

Pre-tax profits fell 28 per cent to £11.4m in the six months to 29 June, dragged down by a 2.9 per cent decline in underlying store sales.

It also warned full-year profits would be around £3m lower than expected after July’s heatwave hit sales.

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