Business
Interim Management Statement
Interim Management Statement.
About this update from Greggs Plc
[{"type":"text","content":"\n \nRNS Number : 6060R Greggs PLC 15 September 2014 \n \n\n \n \n15 September 2014 \n \n \n \nGREGGS plc\nINTERIM MANAGEMENT STATEMENT\nFOR THE 11 WEEKS TO 13 SEPTEMBER 2014\n \nGreggs is the leading bakery food-on-the-go retailer in the UK, \nwith almost 1,700 retail outlets throughout the country\n \nContinued strong performance into the second half\n \n \n· Own shop like-for-like sales up 5.4% for the 11 weeks to 13 September (2013: 1.0% decline)\n· Year to date own shop like-for-like sales up 3.9%\n· Total sales growth 3.5% year to date (2013: 3.4%)\n· 153 refits completed \n· 32 new shops opened, 43 closures\n· Further margin benefits from commodity deflation\n· Excellent cost control\n· Faster progress with structural efficiency initiatives\n \n \nChief Executive Roger Whiteside comments:\n \n\"This strong performance reflects a positive response from customers to new product initiatives, improved service, better value and our investment in shop refurbishments alongside more favourable trading conditions. \n \n\"Whilst we face tougher comparatives in the final quarter the combination of strong sales performance, lower costs and our outlook for the remainder of the year means that we now anticipate full year profits to be materially ahead of our previous expectation.\"\n \n \nSales\n \nLike-for-like sales grew by 5.4 per cent in the 11 week period to 13 September 2014 (2013: 1.0 per cent decline) continuing the strong performance reported at the time of our interim results announcement and reflecting the benefit of the weaker comparative period last year. In the year to date like-for-like sales have now increased by 3.9 per cent. Total sales grew by 4.0 per cent year-on-year in the 11 weeks, including the impact of our accelerated closure programme for poor performing shops. \n \...