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.

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Lower than expected profits for Greggs

Greggs the Baker has reported much lower profits than expected - as a result, the company's share-price took a nose-dive this morning.