Greggs has said that it plans to open about 100 new store jobs by the end of the year after a surge in sales helped the chain restore profits. The main street bakery stated that after withstanding the effects of the pandemic, it has reached an ambitious tone and therefore has the opportunity to grow to 3,000 stores.
It told investors that the trade recovery in recent months was “stronger than we expected” because he saw strong trade in the suburbs and local main streets. After the pandemic has affected some of its basic businesses, such as travel websites, the group has also focused on growth areas such as delivery jobs and self-service sales.
Greggs said that comparable sales for the four weeks to the end of July were 0.4% higher than his level in the same period in 2019 before the pandemic broke out.
As a result, the Newcastle-based company said it now expects full-year earnings to be “slightly higher” than previous forecasts. The new opening also helped it increase its total sales to 546.2 million pounds in the semester ending in June, slightly lower than the 546.3 million pounds in the same period in 2019.
After the impact of the third national shutdown, the group’s similar sales fell by 9.2% compared to 2019 but rebounded with the opening of 48 new sites. He said this is expected to create about 500 new bakery jobs in the second half of this year.
However, the company emphasized more determined growth plans, saying it has “the opportunity to expand its UK properties to at least 3,000 stores”.
Roger Whiteside, chief executive of Greggs, said: “Greggs once again showed its resilience in a challenging first half, emerging from the lockdown months in a strong position and rebuilding sales as social restrictions were progressively relaxed.”
“Whilst there continue to be general uncertainties in the market, given our recent performance, we now expect full-year profit to be slightly ahead of our previous expectation.”
Source: Essex Live