Business
GREGGS PLC - INTERIM RESULTS - SALES UP 4.2%
GREGGS PLC - INTERIM RESULTS - SALES UP 4.2%.
About this update from Greggs Plc
[{"type":"text","content":"\n \nRNS Number : 9821L Greggs PLC 09 August 2011 \n \n\n9 August 2011 \n \nINTERIM RESULTS FOR THE 26 WEEKS ENDED 2 JULY 2011\n \nGreggs is the leading bakery retailer in the UK,\nwith over 1,500 retail outlets throughout the country, \nserving freshly baked products to six million customers each week\n \nSALES UP 4.2% IN TOUGHER TRADING CONDITIONS\n \n· Sales up 4.2% to £335m (2010: £321m)\n· Like-for-like sales up 0.4%\n· Operating profit excluding exceptional items down £1.2m to £17.3m (2010: £18.5m)\n· Underlying operating profit* up £0.8m to £19.3m before £2m impact of additional public holidays\n· 39 net new shops opened, on track for net 80 during year\n· Construction of two new bakeries completed on time and on budget\n· Dividend per share up 5.5% to 5.8p: 27th consecutive year of dividend growth\n* before exceptional items and impact of additional public holidays\n \n\"Total sales grew by 4.2% as we opened a record number of shops and also delivered positive like-for-like sales growth. Underlying operating profit was ahead of last year, adjusting for the impact of two additional public holidays compared with the first half of 2010. \n \n\"Trading conditions have proved to be more challenging than we had expected and we do not anticipate that the second half will bring any alleviation of the tougher consumer spending environment with disposable incomes remaining under pressure. We continue to experience substantial increases in commodity prices and are continuing to work hard to mitigate the impact on customers through business efficiencies and targeted promotional activity. \n \n\"Our total sales will benefit from our shop opening programme and we believe that marginally positive like-for-like sales growth over the year as a ...