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Greggs stays bullish despite wheat shortage
by - 11/08/2010
"The humble sausage roll looks set to escape the worst effects of the global wheat shortage, Greggs has forecast, as the pastry and sandwich chain said it did not anticipate sustained high prices for grain in spite of the drought in the Black Sea region."
The prediction came as Greggs reported sales and profit growth on the back of store openings and discount deals for sandwiches.
We have been here before in 2007-08, when wheat prices rose more dramatically,” said Ken McMeikan, chief executive. “We think the prices have overheated and they are at a high.”
Mr McMeikan said that in the event that wheat prices were to remain at their current level of about £158 ($250) a tonne, Greggs might push through small price increases in the final quarter of this year, adding “somewhere in the region of a penny” to the price of a sausage roll.
Greggs added 18 new stores to its estate during the six months to early July, bringing its total of UK stores to 1,437. The chain found success in the period by appealing to cash-strapped customers with “meal deals” – bundling several food items in one purchase. It sold 2m in the first half of the year, up 167 per cent compared with the same period last year.
Pre-tax profits for the six months to July 3 rose 12 per cent to £18.6m on revenues up 3 per cent to £321m. Most of the revenue increase came from new store openings, with like-for-like sales up 0.7 per cent. Earnings per share rose 12 per cent from 11.3p to 12.7p, and the interim dividend was raised 5.8 per cent to 5.5p.
Shares in Greggs closed down 11.6p at 421.9p.
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