Business
Q3 Trading Update & Capital Markets Day
Q3 Trading Update & Capital Markets Day.
About this update from Greggs Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9785N\n Greggs PLC\n 05 October 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5 October 2021\n \n \n \n \n \n GREGGS PLC\n \n \n Q3 TRADING UPDATE & CAPITAL MARKETS DAY\n \n \n \n \n \n Greggs is a leading UK food-on-the-go retailer, \n \n \n with more than 2,100 retail outlets throughout the country\n \n \n \n \n \n Continuing recovery and increasing potential for growth\n \n \n \n \n \n \n \n \n Q3 highlights\n \n \n \n \n \n · \n Two-year LFL* for third quarter up 3.5% despite staffing and supply chain disruption \n \n \n · \n Delivery sales developing well, 943 shops now involved\n \n \n · \n 68 net new shops opened year-to-date (84 openings less 16 closures)\n \n \n · \n Continue to expect around 100 net shop openings in 2021\n \n \n · \n Broadening of vegan-friendly food and drink options well received\n \n \n · \n Inflationary pressures rising towards end of 2021\n \n \n · \n Expect full year outcome to be ahead of our previous expectations\n \n \n * Like-for-like (LFL) company-managed shop sales performance against comparable period in 2019\n \n \n \n \n \n Strategic development\n \n \n \n \n \n · \n Strategic direction remains consistent - further growth in the shop estate supplemented by development of new channels in the food-on-the-go market\n \n \n · \n Ambitious target to double turnover over next five years to circa £2.4bn in 2026\n \n \n · \n Planning to accelerate rate of net shop number growth to c.150 per year from 2022 with potential for at least 3,000 shops\n \n \n · \n Looking to develop multichannel sales by:\n \n \n - \n extending evening trading to more shops\n \n \n - \n building on initial successes in the online / delivery channel\n \n \n - \n roll-out of the new Greggs app to more customers\n \n \n · \n Investment programme will equip shops for a multichannel future and create additional supply chain capacity for growth\n \n \n · \n F\n urther improvement in sustainability of customer offer as we deliver on the Greggs Pledge\n \n \n \n \n \n Trading performance\n \n \n Despite widely reported disruption to staffing and supply chains, it is a credit to our teams that Greggs has continued to trade well over the third quarter with two-year like-for-like sales in com...