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Greggs Plc 19-week Company-managed Shop LFL Sales Up 11.1% - Quick Facts

Greggs plc (GRG.L) reported that its total sales for the 19 weeks to 11 May 2019 grew by 15.1 percent and like-for-like sales in company-managed shops grew by 11.1 percent over the same period. This compared to increases of 4.7 percent and 1.0 percent, respectively, in the year-ago period.

In its preliminary results announcement on 7 March, Greggs reported a very strong start to 2019, with company-managed shop like-for-like sales growth of 9.6 per cent in the first seven weeks of the year.

This built on a strong finish to 2018 and was further boosted by the publicity surrounding the launch of the company's vegan-friendly sausage roll, Greggs noted.

In the first 19 weeks of this year, Greggs opened 38 new shops, including 10 franchised units in transport locations. The company closed 22 shops, giving a total of 1,969 shops trading at 11 May, comprising 1,700 company-managed shops and 269 franchised units.

Looking ahead to fiscal 2019, the company said it anticipates materially higher sales for the year as a whole than it had previously been expecting.

Greggs noted that while there have been some increases in input costs, it expect s overall cost inflation to be broadly in line with its plans for the year.

Taking all this into account, the Board believes that underlying profits, before exceptional costs, for the year will be materially higher than its previous expectation.

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