Bakery chain Greggs this morning said profit for the year is expected to beat expectations and return to pre-pandemic levels, as long as no further Covid restrictions are implemented.
The firm said sales had recovered well in recent weeks as the “stay at home” order was eased, buoyed by a lack of competition from cafes with indoor seating.
If restrictions continue to be eased in-line with the government’s roadmap out of lockdown, Greggs said sales performance for the year will be “stronger than we had previously anticipated”.
“Providing guidance on the profit outcome for 2021 remains difficult given the uncertainties surrounding trading conditions,” the high street chain said in a trading update this morning.
“However, given our recent trading performance, the board now believes that profits are likely to be materially higher than its previous expectation, and could be around 2019 levels in the absence of further restrictions.”
Greggs, which has opened 34 new shops in 2021 so far, said total sales in the 18 weeks to 8 May had reached £352m, compared to £280m last year and £373m in 2019