Greggs plc

British baker and fast food chain Greggs set out an ambitious growth target as its raised its full-year profit outlook on the back of strong trading in the latest quarter despite staffing and supply chain disruption.

Greggs Plc said on Wednesday the U.K. bakery and fast food chain has become the latest food business to be hit by supply chain interruptions that are impacting businesses across the retail and hospitality sector in Britain.

British fast food chain Greggs raised its full year outlook after a return to first-half profit and said it would use its rapidly expanding delivery service to grow sales in the evening, a segment of the market where it is currently underrepresented.

British bakery and fast-food chain Greggs said on Monday sales recovery was stronger than anticipated, adding that a sustained recovery from the COVID-19 pandemic could boost its annual profit.

British bakery and fast-food chain Greggs has raised its outlook for current year profits, saying they could reach 2019's record levels after a strong recovery in sales in the wake of the easing of COVID-19 restrictions.

British bakery and fast food chain Greggs will shortly open its first outlet in London's Canary Wharf business district after a reduction in rental levels during the COVID-19 pandemic made it financially viable, its boss said on Monday.

Bakery and fast food chain Greggs defied the gloom on Britain's shopping streets on Tuesday by adding another 500 shops to its store target, despite plunging to the first annual loss since its 1984 listing due to the COVID-19 pandemic.

Roger Whiteside, the chief executive of British baker and fast food retailer Greggs, will not retire this year although succession planning was underway, he said on Tuesday.

British baker and fast food retailer Greggs has raised its UK stores target to 3,000 from 2,500 previously, believing it is well positioned for growth once the COVID-19 pandemic passes.

British baker and fast food retailer Greggs has slowed a sales decline caused by the coronavirus crisis but does not expect profits to return to pre-pandemic levels until 2022 at the earliest, it said on Wednesday.

British baker Greggs will cut 820 shop staff jobs as it expects trading to remain below normal for the foreseeable future due to the COVID-19 pandemic, a company spokeswoman confirmed on Friday.

British baker Greggs <GRG.L> will cut shop staff jobs and hours as it expects trading to remain below normal for the foreseeable future due to the COVID-19 pandemic.

London's FTSE 100 rose on Friday as bargain hunters stepped into the market following losses earlier in the week, while baker Greggs slipped on a report that a coronavirus outbreak had forced it to close its depot in Leeds.

* H1 pretax loss 65 mln stg vs 37 mln profit a year ago (Adds further CEO comments, updates shares)

London's FTSE 100 rose on Tuesday with energy stocks jumping as hopes of more U.S. stimulus to shore up a pandemic-hit economy propped up oil prices, while Greggs edged higher after signalling a pickup in trading.

Greggs, the British food-to-go retailer known for its sausage rolls, bakes and sandwiches, said sales at it company-managed stores stood at 72% of the 2019 level in the most recent week as trading recovers from the COVID-19 lockdown.

Greggs plans to reopen 800 shops this week, ending a near three month wait for Britons hankering to snack on one of the baker's sausage rolls and lifting its share price.

British baker Greggs confirmed plans to reopen 800 shops for takeaway only on June 18 having conducted a successful trial with coronavirus social distancing measures, it said on Tuesday.

British baker Greggs said on Tuesday it was planning to re-open around 800 stores from mid-June after re-opening trials proved successful.