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Baker Greggs feels heat

By This Is Money
Updated: 04:02 EDT, 12 May 2011

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Greggs will cut costs to offset the rising cost of fuel and ingredients, despite selling more than 3m hot cross buns over Easter.

Underlying sales - stripping out the impact of 25 new shops - were up 0.8pc in the 18 weeks to May 7.

But chairman Derek Netherton said the high street bakery would have to cut costs to avoid passing on the high price of fuel and key ingredients to customers.

Greggs (up 1p to 524.5p) expects to open 55 more shops this year, and predicts underlying full-year sales to be 'marginally' ahead of last year.

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