LONDON (dpa-AFX) - Greggs plc (GRG.L), on Monday, reported that it has traded well in the first 19 weeks of 2022.
Like-for-like or LFL sales in company-managed shops grew by 27.4%, a figure that is flattered by comparison with restricted trading conditions in the same period of 2021.
Like-for-like sales growth in the most recent ten weeks to 14 May has averaged 15.8%, while the company expects this figure to continue to normalise as it starts to compare with more robust trading periods in 2021.
Total sales in the 19 weeks to 14 May 2022 were £495 million compared to £378 million reported in 2021.
Further, the company stated, 'We have made a good start to 2022, with sales in line with our plan and a strong pipeline of new shop acquisitions ahead. Looking ahead, market-wide cost pressures have been increasing and consumer incomes will clearly be under pressure in the second half of the year...'
Whilst considerable uncertainties remain, Greggs noted that it is in line with its plan and 'the Board's expectations for the full year outcome remain unchanged.'
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