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Festive figures up 8.2% for bakery Greggs

Credit: PA

North East-based Greggs has credited its decision to focus on the needs of ‘food-on-the-go’ customer for their strong sales over Christmas.

The bakery giants like-for-like own shop sales increased by 8.2% in December compared to 3.1% last year.

For the financial year the company's total sales grew by 5.5%, with like-for-like sales, which exclude any effects of expansion, acquisition or any other event that artificially enlarge a company's sales, up 4.5%.

Their full year results, due out on the 4th March, are expected to be higher than previously estimated.

Since our last update on 15 December we have experienced a very strong level of trade through the Christmas and New Year period. Customers have clearly responded to the improvements in our product offer and service, designed to meet the needs of the food-on-the-go consumer, during this busy period.

This has been a year in which we have made good progress with our strategic plans and seen a welcome improvement in financial performance. We remain clear on our priorities and are confident that we can make further progress in the year ahead.”

– Roger Whiteside, Chief Executive

Greggs have 1,650 shops trading across the UK as of 3rd January 2015 and their estate improvement programme has led to 213 shop refurbishments.

Greggs posts 19% fall in profits

Greggs profits fell by 19.1% during 2013 and the bakery chain said it expects "challenging market conditions" to continue during 2014.

Annual results showed a rise in total sales but a fall in profits Credit: PA

The firm, which is based in Newcastle, posted a drop in like-for-like sales of 0.8%, although total sales rose by 3.8%.

The company announced last year that it would change strategy, focusing on food-to-go units rather than cafes, and refitting hundreds of its stores.

Today in its annual results, the firm said it was "making good progress" with that plan.


Greggs warns profits for whole year could be lower than first forecast

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 reports lower than expected profits

The Newcastle-based sandwich chain is blaming the bleak winter for a drop in sales. Credit: Tim Ireland/Press Association Images

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.

Greggs founder's son in sex quiz

The son of the man who founded baking giant Greggs has been arrested in Newcastle upon Tyne on suspicion of a historic sexual offence.

71-year-old Colin Gregg, who for more than thirty years was a non-executive director of the North East business, was taken in for questioning on Saturday.

The police, who raided his home in Gosforth, say that he has now been released on bail.

Mr Gregg, son of founder Jack Gregg, is also the former headmaster of King's School in Tynemouth and set up the North East Children's Cancer Run in the 1980s.

He reportedly has shares in the bakery business worth around £5.5 million.

"A 71-year-old man has been arrested on suspicion of sexual assault and has been released on police bail."

– Northumbria Police spokesperson

"Colin Gregg has no involvement with Greggs plc.

He retired as a non-executive director in May 2001.

It would therefore be wholly inappropriate for us to comment on this matter."

– Spokesman for Greggs plc
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