Greggs announces lukewarm results as like-for-like growth decline softens

High street baker Greggs has reported a 0.5 per cent drop in like-for-like sales in the 13 weeks to 28 September, as they witness a 2.1 per cent drop in like-for-likes in the year to date (release).

So things might be looking up slightly, or at least chief executive Roger Whiteside thinks so. He says that Greggs "are encouraged by the recent improvement" but that "with consumer disposable incomes still under pressure we remain cautious".

In the year to date Greggs has completed 141 shop refits, and expects to complete a total of 215 in the year as a whole. Following a decision not to extend the trial of the Greggs moment coffee shop, three of six existing shops have been closed, with the remainder to be incorporated into the core estate.