Greggs returns to sales growth after strong Christmas- but plans to cut 410 jobs
Baker Greggs saw a 3.1 per cent rise in sales in the five-week festive period. But it still piled gloom onto staff by warning that up to 410 jobs are to be axed to save money.
Greggs saw a 3.1 per cent rise in sales in the five-week festive period. But it still piled gloom onto staff by warning that up to 410 jobs are to be axed to save money.
The baker said that of its 1671 stores, 79 still have in-store bakeries. These are now going to get stock from Greggs’ “regional bakery network”, meaning 300 bakers face redundancy.
The chain is also restructuring its management and support teams across the country, with another 110 staff facing the axe. The moves will cost the firm £9 million this year.
It comes despite strong demand for sandwiches, cakes and drinks helping Greggs’ like-for-like sales to grow 2.6 per cent in the fourth quarter, and accelerating to 3.1 per cent in the five weeks to Christmas.
Fuller tables at Garfunkel’s, Chiquito and Frankie & Benny’s last year helped owner The Restaurant Group to upgrade profit forecasts for the year.
Diners’ total bills last year totted up to 9 per cent higher than the previous year, TRG said, and it wasn’t just because of new openings. Only taking into account branches that had been open for more than a year, revenues were 3.5 per cent ahead.
The City was impressed and TRG shares rose almost 4 per cent, or 23.3p to 618.3p.
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