Greggs on track, strong Christmas

13th Jan 2010 07:02

Greggs expects full year results to be in line with expectations and said more customers popped into the bakery chain for hot pies over Christmas.Over the four week Christmas trading period to 26 December total sales grew by 3.1% and like-for-like sales grew by 1.1%. The group said it sold more than a million mince pies each week, up 6% on last year.Christmas week itself saw a strong performance, with like-for-like sales up 4.4% and 250,000 more customers than in the comparable week last year. Demand for savouries was particularly strong, with like-for-like sales in this category increasing by 10%. Greggs sold more than two million Christmas festive bakes, an increase of 23% on last year. For the financial year as a whole, total sales increased by 5% (including a 1.6% contribution from the 53rd week) and like-for-like sales increased by 0.8%.'I am very pleased with our sales performance, particularly over Christmas, in what has remained a challenging trading environment for the high street,' said chief executive Ken McMeikan.'We remain positive about our growth opportunities as we begin our programme of accelerated expansion to make the unique Greggs proposition accessible to many more consumers throughout the UK. We expect to add a net 50-60 new shops during the year, funding this growth and continued investment in our supply chain from our strong operating cash flow.'