Greggs Q3 sales up 14.6% YOY
By Iain Gilbert
Date: Tuesday 04 Oct 2022
(Sharecast News) - High street bakery chain Greggs said on Tuesday that total sales were up 14.6% over the 13 weeks ended 1 October, putting it on track to meet full-year expectations.
Greggs said it continued to trade well over the third quarter, with like-for-like sales in company-managed shops rising 9.7% year-on-year.
While the FTSE-100 listed group stated year-on-year growth moderated in August, given the particularly strong "staycation" effect seen in 2021, momentum was said to have returned in September.
Looking forward, Greggs said the outlook for cost inflation for the year was consistent with its previous guidance of roughly 9% overall, and added it now holds an "appropriate level" of forward purchasing cover in respect of its fourth quarter requirements for key food and energy commodities.
"We also hold significant energy cover for the first quarter of 2023, with average costs expected to be below the level of the recently-announced price cap," said Greggs.
"Greggs continues to trade well in an environment where cost pressures are significant and our outstanding value-for-money positioning is ever-more important to consumers. There remains considerable uncertainty in the economy as a whole but we continue to trade in line with our plan and currently expect the full year outcome to be in line with our previous expectations."
Reporting by Iain Gilbert at Sharecast.com
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