Greggs Plc (GRG.L), a British bakery chain, reported Wednesday higher sales and like-for-like sales in its first half, compared to last year. The company noted that good progress in May was followed by slower growth in June as high temperatures impacted consumer purchasing patterns.
Looking ahead, the Board expects first-half operating profit to be lower than the prior year, reflecting the stronger comparative trading performance and the phasing of refurbishments and cost recovery initiatives across the current year.
Further, the Board now anticipates that fiscal 2025 operating profit could be modestly below the prior year citing the current trading conditions, adding that comparative LFL sales are less demanding in the second half of the year.
In its trading update for the 26 weeks ended June 28, Greggs noted that its total sales grew 6.9% to 1.03 billion pounds from last year's 961 million pounds.
Like-for-like or LFL sales in company-managed shops grew by 2.6% in the first half.
The company noted that the previously-reported improved sales performance in the 11 weeks to May 17 continued through the rest of May. But, LFL sales in June were impacted as very high temperatures affected the UK, increasing demand for cold drinks but reducing overall footfall.
Greggs opened 87 gross new shops, and 31 net openings, with 2,649 shops now trading. The company is on track to achieve 140 to 150 net openings for the full year.
The company is scheduled to publish its 2025 interim results on July 29.
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