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High Street

Greggs swings to £13.7m FY20 loss

It is the group’s first annual loss since the firm became a listed business in 1984

Greggs has posted a £13.7m loss-before-tax for the 53 weeks ended 2 January 2021, down from profits of £108.3m in 2019.

The group attributed its first annual loss since the firm became a listed business in 1984 to “lower-than-normal sales levels” throughout the pandemic.

The company’s revenues for the period represented a 30.5% year-on-year decline, falling from £1.17bn to £811.3m.

While 56 Greggs stores closed during the period, 84 new shops opened, representing a net opening of 28.

The bakery chain said that it has a “clear strategy” for growth, as it looks to add a further 100 new stores to its 2,078-strong portfolio in 2021.

Moreover, the group highlighted its growing delivery arm, which has accounted for 9.6% of total company-managed shop sales in 2021, as an area for future growth.

Roger Whiteside, chief executive at Greggs, said: “Greggs has made a better-than-expected start to 2021 given the extent of lockdown conditions and is well placed to participate in the recovery from the pandemic. 

“It has a clear strategy to extend its digital capabilities and to grow further in new locations, channels and dayparts.”

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