Bakery chain Greggs has announced higher sales and profit for the 24 weeks ended 18 June 2005, although sales were affected by poor weather in the final stages of the period.
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Profit for the period was £10.6m (US$18.8m), compared with $9.1m in the same period a year ago. Revenue was £236m, compared with £216m a year ago.
“As expected, we have achieved a very satisfactory performance in our first half, despite the effect of increasingly demanding prior year comparatives and more volatile weather in its final weeks,” said managing director Sir Michael Darrington. “Less favourable conditions this year are reflected in slower like-for-like sales growth of 3.0% in the six weeks to 30 July.”
“Improvement in the rate of growth will, in part, depend on resumption of more typical weather,” he said. “Although profits in its first six weeks are below our budget and the level of last year, we believe that the group is well equipped to make further progress in the second half. Our confidence in the long term prospects of the business is reflected in our accelerating shop opening programme and our record capital investment for the future.”
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