- Tyne Tees
- 2 updates
One of the North East's biggest businesses have announced a shock profits warning today, causing a marked drop in its share value - and raising more fears about the pace of the country's economic recovery.
Greggs the Bakers blames bad weather on a drop in like-for- like sales for the first four months of the year.
The company has warned it now expects profits for the whole year to be lower than first forecast.
Greggs the Baker has reported much lower profits than expected - as a result, the company's share-price took a nose-dive this morning.
The Newcastle-based sandwich chain is blaming the bleak winter for a 4.4 per cent drop in sales in the last 17 weeks.
It has triggered a fall of more than seven per cent in the company's share price.
A spokesman says they do not expect any significant improvements in the short-term.