Greggs reports soggy full-year sales and profit

 
Kasmira Jefford
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GREGGS chief executive yesterday blamed last year’s washout summer for a two per cent drop in full-year profits and said it will focus on revamping existing stores this year to revive falling sales.

The bakery chain reported a pre-tax profit of £51.9m in the year to 29 December, in line with analyst forecasts but down from £53.1m in 2011.

Roger Whiteside, who recently took over the reins from Ken McMeikan said last year saw “a particular set of circumstances” with the worst year for wet weather in 100 years.

Overall sales grew 4.8 per cent to £735m, driven by 100 new store openings and its partnership with Iceland. But like-for-like sales were down a disappointing 2.7 per cent.

Greggs said it plans to “reshape” its plan this year to focus on its core estate. It will open 50 to 60 new stores this year – fewer than the 100 originally planned – and double the number of refits to 250