The British bakery chain has recorded a £13.7M loss for 2020 after sales were continually impacted by the Covid-19 pandemic.
For the year 2020 to January 2, sales fell by 13 per cent to £811.3M, compared to a pre-tax profit of £108.3M this year prior. This is the first loss that Greggs has suffered since it listed on the stock market in 1984. Despite this loss, Greggs remains optimistic for the year ahead, and according to the company, the brand is already trading better than expected so far this year.
For the 10 weeks to March 13, like-for-like sales have fallen at a slower rate of 28.8 per cent, or 22.4 per cent excluding Greggs’ Scottish stores, which have been closed for the majority of 2021.
Chief Executive Roger Whiteside, commented: “Greggs is well placed to participate in the recovery from the pandemic and has demonstrated its resilience and capability to operate under such challenging conditions.”
