Bakery chain Greggs swings to a loss in first half of the year

Greggs said that sales last week reached 72% of where they were during the same week last year, despite many sites and high streets opening up and down the country.

The bakery chain registered a £62.2 million loss for the first six months of the year, compared to a profit of £36.7 million last year. Sales were down 45% to £300.6 million over the same period.

Chief executive Roger Whiteside said: “Following successive years of unbroken growth Greggs made a great start to 2020, coming into the year with momentum and clear strategic plans.

“The strength of our business model enabled us to secure the liquidity needed to support our business through the current crisis and then to adapt our operation and strategic investment plans in response to the new environment.

“I want to thank the amazing team of people in our business who have risen to the challenges created by this crisis both in supporting the wider community and working together to redesign our operation to work safely under these new conditions.

“Greggs is now well prepared to deal with the challenges of social distancing and operate through the conditions we are faced with. Greggs remains a much-loved brand with long-term growth opportunities and the business is better placed to adapt to new conditions than ever before.”

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