The bakery chain Greggs has warned of “lower consumer confidence” in recent months which has hit their sales.
The Chancellor’s Budget is also causing rising costs of employing people and this will see prices to increase across their range.
Greggs said, “employment costs will result in further overall cost inflation, although wage increases should provide support to consumers.”
On Thursday the bakery chain said, “Greggs has demonstrated its ability to mitigate cost inflation in recent years whilst retaining its value leadership, and we are confident we can continue to do so.”
The chief executive Rosin Currie said, “Our value-for-money offer and the quality of our freshly prepared food and drink position us well to meet the headwinds we expect to see in the year ahead, and we remain confident in the significant long-term opportunity for growth.”
Greggs sales grew 2.5% in the fourth quarter due to a “more challenging market backdrop” in the second half of 2024.
Greggs made £2 billion in annual revenue for the first time ever in the quarter ending in December which is a 11.3% increase compared to 2023.
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