Greggs’ results have puffed up so far this year, it said today, upgrading its outlook for the year.
The high street baker said it expects “materially higher sales” in 2019 than previous estimates as the launch of a vegan sausage roll lit a fire under the business.
Shares bounded on the news, rising 12.74 per cent to 2,018p this morning.
Underlying profits are also expected to be materially higher than previously considered.
Sales were up 15.1 per cent in the first 19 weeks of the year from 4.7 per cent growth year-on-year. While sales in company-managed shops grew 11.1 per cent, up from just one per cent during the same time in 2018.
Greggs said the new roll’s roll-out across the country helped it cook up even better results in the last 12 weeks after it reported 9.6 per cent growth for January and February.
Meanwhile, the company’s transition to a food-on-the-go retailer is still paying dividends. Breakfast deals have continued to show good results, including coffee and other hot drinks.
The baker has opened 38 new stores so far this year. Although it closed 22, this means there are now 1,969 Greggs in the country.