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Bakery chain Greggs reports 4.8% increase in sales for FY2012

RBR Staff Writer Published 21 March 2013

UK-based bakery chain Greggs has reported total sales of £735m for the 2012 financial year ended 29 December 2012.

The sales represent a 4.8% increase compared to the earlier fiscal, with wholesale and franchised locations contributing to 2.8% of the sales growth.

Commenting on the sales Greggs CEO Roger Whiteside said that the sales growth was the result of the success the company witnessed in its new business channels and new store openings.

The company unveiled a net 100 new stores during the fiscal.

Like-for-like sales for the chain declined 2.7% for the year while pre-tax profits also declined 2.2% to £51.9m.

Looking ahead to 2013, the company expects the tough trading conditions to continue, wherein customers will remain cautious and inflationary cost pressures will affecting the demand for the company's products.

"We have reshaped our plans for 2013 to focus on our core estate by increasing investment in our successful new formats in 'food on the go' and 'local bakery'.

"At the same time we will continue to develop sales through new shop openings, and make further progress in new markets through our wholesale and franchise agreements," elaborated Whiteside.