GREGGS plc (GRG.L) said its total sales in first 19 weeks were up 4.3%, driven by the company's successful new shop opening programme and the development of new channels to market. However, like-for-like sales were down 1.8%.
The company noted that the trading environment for all retailers has remained extremely challenging, and high street footfall has remained relatively weak. In addition, GREGGS have had six disappointing weeks of trading as a result of the exceptionally wet weather in April and early May. Despite these tough trading conditions GREGGS has continued to control its costs tightly which has mitigated some of the impact of the bad weather.
During the first 19 weeks the company opened 25 new shops, making a net addition of 20 after five closures and giving a total of 1,591 shops at 12 May.
The company believes consumers' disposable incomes will remain under pressure from high fuel, energy and food costs, although consumer sentiment could benefit in the months ahead from major national events including the Diamond Jubilee celebrations, the Olympics and the Euro 2012 football championship.
GREGGS will continue to support consumers in these difficult times by driving great value through its meal deals and promotional activity, whilst making Greggs accessible to more new customers through its new shop openings and new channels to market.
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