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Bakery chain Greggs cuts profits forecasts by £3m

Oct 9 2008 by Tony McDonough, icNorthWest

Bakery chain Greggs is today blaming weather-hit sales and rising costs for its decision to cut £3m from full-year profit forecasts.

Greggs, which has 1,400 outlets in the UK, says increases in energy and ingredient costs were not being passed on in full to customers.

It adds poor weather throughout August and early September caused like-for-like sales growth to slow to 3.9% in the 16 weeks to October 4, although sales since mid-September picked up to show growth of 5.7%.

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