Greggs posts record profit on store openings

Baker Greggs posted a record profit in 2010 as it benefited from new store openings and said it was well positioned to make further progress in 2011 despite the worsening consumer environment.

The Newcastle-based firm, which sells pasties, sandwiches, bread and cakes to over six million customers a week from over 1,480 shops, said it was planning for "marginally positive" like-for-like sales growth in 2011 and would open about 80 net new shops.

The firm said performance in the new year to date was in line with internal expectations with total sales up 3.8 per cent, including like-for-like sales growth of 0.4 percent.

Greggs made a pre-tax profit of £52.5m in 2010.

Sales increased 2.1 per cent to £662m as the firm added a net 68 new shops, with sales at stores open over a year up 0.2 percent.

Greggs is paying a dividend of 18.2 pence, a 26th consecutive year of dividend growth.