Business
FOURTH QUARTER TRADING UPDATE
FOURTH QUARTER TRADING UPDATE.
About this update from Greggs Plc
[{"type":"text","content":"\n \nRNS Number : 9168B Greggs PLC 16 January 2018 \n\n \n \n \n16 January 2018 \nGREGGS plc\nFOURTH QUARTER TRADING UPDATE\n \nGreggs is the leading bakery food-on-the-go retailer in the UK, \nwith more than 1,850 retail outlets throughout the country\n \nA year of good growth\n \nFinancial year 2017*\n \n· Total sales up 7.4%\n· Company-managed shop like-for-like sales up 3.7%\n· 131 new shops opened in the year, 41 closures\n· 1,854 shops trading as at 30 December 2017\n· Full year results anticipated to be in line with management's previous expectations\n \n* 52 weeks ended 30 December 2017 (2016: 52 weeks to 31 December 2016)\n \n \nChief Executive Roger Whiteside comments:\n \n\"We finished 2017 well, delivering our seventeenth consecutive quarter of like-for-like sales growth, and anticipate that we will report full year results for 2017 in line with our previous expectations.\n \n\"In the year ahead, we will continue to focus on delivering the outstanding value and taste that Greggs is famous for. 2018 will be a record year for investment in our supply chain and we intend to increase the rate of new shop openings as we continue to grow Greggs as a leading food-on-the-go brand.\"\n \nTrading update\n \nFor our 2017 financial year total sales grew by 7.4 per cent and company-managed shop like-for-like sales grew by 3.7 per cent. In the fourth quarter company-managed like-for-like sales grew by 3.0 per cent, reflecting the particularly favourable trading pattern in the final quarter of 2016.\n \nOur classic favourites continued to perform well and customers enjoyed seasonal products such as our Festive Bake and fresh-baked mince pies. Hot options such as hot sandwiches and our gluten-free 'Balanced Choice' soup also proved popular. We have further extended our popular hot drinks range to include a caramel latte and, in the New Year, have introduced a new focaccia-style pizza.\n \nDuring the year we opened 131 new shops (including 45 franchised units) and closed 41, growing the estate to 1,854 shops trading as at 30 December 2017, 202 of which are franchised shops operated by partners in travel and other convenience locations.&n...