Greggs unveils record 2019 results but says storms slowed sales this year
Bakery chain Greggs today unveiled record results for 2019, but warned that storms hit its sales last month.
The baker said pre-tax profit for the 52 weeks to 28 December was £108.3m, up 31 per cent on the previous year.
Total sales grew 13.5 per cent to £1.16bn, with like-for-like sales in company-managed shops up 9.2 per cent.
Greggs said it had a strong January this year, but said storms in February had led to a “significant slowdown” in sales.
Company-managed shop like-for-like sales rose 7.5 per cent in the nine weeks to 29 February.
Chief executive Roger Whiteside said there was some uncertainty in outlook, “particularly given the potential impact of coronavirus”.
In 2019, the company opened net 97 shops and had 2,050 shops trading at 28 December.
Total ordinary dividend per share rose 25.8 per cent to 44.9p. The company said it was considering a special dividend which would be announced at its interim results.
“We made a very strong start to 2020 in January, but in February saw a significant slowdown in sales growth as a result of the storms that have affected the UK,” Whiteside said.
“There is some uncertainty in the outlook, particularly given the potential impact of coronavirus.
“This aside we expect to make year-on-year progress and will do so from a strong financial position, supporting our investment for further growth whilst also delivering good returns for all stakeholders.”