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14/03/2012
Greggs Sales Boosted By New Stores
Greggs, the UK’s largest chain of bakeries, have said both profits and sales rose in 2011 as it opened 84 new stores.
The also said they have plans for 90 more new stores and to explore new store formats.
2011 pre-tax profits were up 15% to £60.5m. But after stripping out exceptional items, profits rose just 1.1%.
Like-for-like sales, excluding new stores, rose 1.4%, with total sales up 5.8% to £701m.
The company's profits were given a one-off boost by a change in its pension scheme. Following government legislation they changed from the retail price index (RPI) to the generally lower consumer price index (CPI).
The firm said it anticipated continuing its expansion in 2012, despite the subdued economic climate.
"While we expect 2012 to be a another year of significant challenge for UK consumers, we believe that we are well placed to deliver further progress," said Greggs chairman Derek Netherton.
The company has 1,571 stores around the UK.
(H)
The also said they have plans for 90 more new stores and to explore new store formats.
2011 pre-tax profits were up 15% to £60.5m. But after stripping out exceptional items, profits rose just 1.1%.
Like-for-like sales, excluding new stores, rose 1.4%, with total sales up 5.8% to £701m.
The company's profits were given a one-off boost by a change in its pension scheme. Following government legislation they changed from the retail price index (RPI) to the generally lower consumer price index (CPI).
The firm said it anticipated continuing its expansion in 2012, despite the subdued economic climate.
"While we expect 2012 to be a another year of significant challenge for UK consumers, we believe that we are well placed to deliver further progress," said Greggs chairman Derek Netherton.
The company has 1,571 stores around the UK.
(H)
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