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Greggs on a roll as squeezed punters tuck into its value pies and sandwiches
by DAILY MAIL REPORTER - 16/03/2011
"Bakery chain Greggs is benefitting in the squeeze as cash strapped consumers are tucking into more of its value pies and sandwiches."
It notched up record profits, with sales up 2.1% to £662m in 2010, after it opened 68 new outlets, representing its fastest ever rate of expansion.
Pre-tax profits grew 7.9% to £52.5m as the group boosted its margins by making efficiency savings in its supply chain.
Some 16,800 qualifying employees will share in a record £5.8m pay-out from the company's profit sharing scheme.
The company, which has 1,480 stores in the UK, said sales growth accelerated to 3.8% in 2011 and predicted it will grow like-for-like sales marginally over the year. Greggs plans to open a further 80 stores in the year as cheap rents become available on the high street.
Chief executive Ken McMeikan said 2011 was likely to see consumer spending come under further pressure from the Government's austerity cuts and inflation, but said Greggs' 'strong value positioning' would allow it to take advantage of the difficult trading environment.
Mr McMeikan said commodity prices were continuing to push up the price of food but claimed that Greggs' efficiency savings meant it had put up prices by less than its rivals. He claimed that Greggs had only raised its prices by 'pennies here and there'.
More commodity prices rises were on the way, he warned, but Greggs would protect its reputation as a value retailer by finding more cost savings without compromising on the quality of its food.
Greggs is growing its range of breakfast products after selling more than 10m breakfast rolls in 2010, and launching a meal deal offering a breakfast roll and a coffee or tea for £1.99. Porridge and croissants were also proving popular since being recently introduced, he added.
Greggs claims its coffee costs 40% less than at branded chains and new machines are being rolled out throughout its stores.
Mr McMeikan said Greggs was building 'a great, credible and authoritative range of breakfast' products.
This week it launched half-baguettes with egg and bacon or egg and tomato for £1.49 aimed at the breakfast market, he added.
More Details: http://www.dailymail.co.uk/money/article-1366735/Greggs-sells-10m-breakfast-rolls-year-feasts-record-profits.html?ito=feeds-newsxml
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