Newcastle upon Tyne / UK. (gplc) Greggs PLC is the leading bakery retailer in the United Kingdom with 1’400 retail outlets throughout the country. This week Chairman Derek Netherton delivered an Interim Management Statement to shareholders at the Annual General Meeting as follows:
«Total Group sales in the 19 weeks to 09 May 2009 increased by 5,2 percent; including like-for-like sales growth of 2,0 percent. Since the preliminary results announcement in March the company has enjoyed a successful Easter. The shops sold over 2,3 million hot cross buns during 2009, an increase of ten percent compared with the previous year. During recent weeks there have been some encouraging signs of greater stability in customer numbers. Performance in the year to date remains in line with our expectations. Margins are as we budgeted, with ingredient costs continuing to increase overall but offset by some improvement in energy costs which we expect to continue during the second half.
Greggs´ current promotional emphasis includes the famous cheese and onion pasties, now featuring an improved three cheese recipe, sandwiches made with even better freshly baked bread, and new Belgian chocolate muffins. We launched the latest phase of our national TV advertising campaign last month. All these activities emphasise the high quality as well as the outstanding value for money that Greggs offers. This is an enduring strength of the business and one that is particularly appropriate to consumers in the current climate.
The programme to create a single Greggs brand in the UK is on track. 35 of the 160 Bakers Oven shops have now been converted to the Greggs fascia, with encouraging results. The company has also completed the sale of its ten shops in Belgium to Foodmakers NV in line with the provision in the 2008 accounts. Other plans to centralise and simplify the business are progressing well, and the financial position remains strong.
The proposed ten-for-one share split will, subject to the approval of the Annual General Meeting, take effect on the commencement of trading on Monday, 18 May. Greggs believes that this will make the Company´s shares more accessible, particularly to small shareholders and our own employees».
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