Greggs is tastier than the City thinks, at least in the long term

The food-on-the-go specialist is still opening new outlets despite the pandemic, while demonstrating its ability to adapt, James Moore writes

Greggs is still planning to open new outlets despite the pandemic (PA)

Greggs took a kick in the teeth from the City upon the release of its latest trading statement. Its shares, already touching a two-year low, found themselves in the bargain bin next to the vegan sausage rolls left at the end of the day.

It took until about 2pm for investors to decide they were hungry enough to take a bite at the bombed out shares, and even then they didn’t exactly dig in.  

The pandemic was the reason. Of course the pandemic was the reason. Coronavirus spikes were all over the food-on-the-go specialist’s trading statement, just as they are all over almost every company of note when they update their numbers.