Just wondering if the recent fall in Greggs has been overdone. Being based in the north-east,they still maintain market superiority. Some of the staff I have spoken to seem to be getting all the overime they can handle and one of the major local rivals, Peters (70 stores in the area), has been closed for the last few days due to a fire at their distribution centre.

Any thoughts welcome

That's 440.0 breached, volume still a bit worrying. Stop to entry for risk free trade.

Itl be sausage rolls alround Chris just you watch.

Hey them flat cornish pasties are brilliant. Get some mushy peas and a bit of that chip shop curry on and a thick wedge of bread and your away. Lovely.

Aye gf, fingers crossed mate, never bought as much as a cup of coffee from them to be honest. There are six of them in Aberdeen, never seen one empty. Just trading the chart.

I always think class Chris, same as M@S, Waitrose, Laura Ashley......etc etc.

Extra large mushy peas if we do well on results day.

BLOODY HOT TONIGHT.

Sadly at the moment mam chart only covers last 10 years. If you look at skinnys chart post 33 on 19.05.11 chart goes back to 1990 and imo gives a better view of actual trend to date.

This one ?

Thanks skinny, how did you get that up, i'm hopeless? :O)

Chris - edit the html to change the number of years.

Right, cheers skinny.

Interim Results

GREGGS TO RESHAPE BUSINESS FOR FUTURE GROWTH

Financial highlights:
· Total Group sales up 3.4% to £362m (2012: £350m)
· Like-for-like own shop sales down 2.9% resulting in pre-tax profit down £4.6m to £11.4m (2012: £16.0m*)
· Net cash generated from operating activities £24.7m (2012: £14.2m)
· Dividend per share 6.0p (2012: 6.0p)
· 90 shop refits (2012: 64); expect 220-240 during year as a whole
· 19 net new shops opened; expect net 20-30 during year as a whole

* 2012 figures restated to reflect the adoption of IAS19 (revised)

Strategy update:
· Priority to return core business to like-for-like growth by focusing on products and services for the 'food on the go' customer
· 'Food on the go' market is £6 billion** and growing
· Improve the quality of our existing estate:
- Increased rate of shop relocations
- Accelerated refit programme with one 'Bakery food on the go' shop format
- Limited net shop additions for 2-3 years
· Further growth of franchise operations
· Driving efficiency and capacity from existing supply chain network
· Significant investment in processes and systems
· Building the platform for long term sustainable profit growth

** Allegra

Yep was kind of worried the hot weather might impact sales and profits.

Hope Chris hasnt been hit too hard.

Im holding Thorntons and Im a bit worried sales are going to be hit their with the warm weather.

No I got out yeterday mate, was trading the chart. Looked quite promising initially.

Interim Management Statement

IMPROVED TRADING IN LINE WITH EXPECTATIONS


· Total sales up 3.6% for the 13 weeks to 28 September 2013, like-for-like sales down 0.5%

· Year to date total sales up 3.5%, like-for-like sales down 2.1%

· Estate improvement programme on track: 141 shop refits completed year to date; on track for record 215 refits in full year

· Re-shaping of estate ahead of plan: now expect no increase in net shop numbers as openings match closures

Up 4.1% today

TS 9th January.

Trading Update

IMPROVED TRADING AND PROGRESS WITH STRATEGIC PLAN

Christmas and New Year trading period*
· Total sales up 4.8%
· Like-for-like sales** up 3.1% (2012: down 2.9%)

Financial year 2013***
· Total sales up 3.8%, like for like sales down 0.8%
· Q4 like-for-like sales up 2.6%
· Estate improvement - record 216 shop refits in the year; overall shop number unchanged with 68 openings and closures
· Full year results anticipated to be in line with our previous expectations

*
5 weeks ending 4 January 2014 (2012: 5 weeks ending 5 January 2013).
**
Own shop like-for-like sales from those shops with a full year's trading. Excludes franchise and wholesale sales.
***
52 weeks ending 28 December 2013.

Looking strong on volume.

Preliminary Results

Financial summary
· Total sales up 3.8% to £762.4 million

· Full year like-for-like sales down 0.8%

· Improving trend of like-for-like sales**, with H2 up 1.2% and Q4 up 2.6%

· Pre-tax profit* before exceptional items down 18.9% to £41.3 million

· Diluted earnings per share* before exceptional items down 20.1% to 30.6 pence

· Dividend per share maintained at 19.5p

* before exceptional pre-tax charge of £8.1m (2012: exceptional pre-tax credit of £1.4m)
** like-for-like sales in own shops (excluding franchises) with a full year's trading history

Operational summary
· New strategic focus centred on the growing food-on-the-go market

· Record 216 shop refits in the year

· Overall shop numbers unchanged with 68 openings and closures

· 70% of 2013 new shop openings in locations other than high streets

· 1,671 shops trading at 28 December 2013 including 25 franchised units

"2013 was a year of transition for Greggs as our new strategic focus centred on the growing food-on-the-go market. Whilst total sales for the year rose 3.8% like-for-like sales were down 0.8% reflecting the tough and competitive trading conditions. However, I am encouraged by the improvement in performance in recent months as our new strategic focus started to deliver benefits.

Market conditions are expected to remain challenging in 2014. It will be a year of further change for Greggs as we move forward with our plan to focus on the food-on-the-go market and build on positive recent trading momentum."

- Roger Whiteside, Chief Executive

Interim Management Statement

Good trading year to date

· Total sales in the 17 weeks to 26 April 2014 up 4.0%

· Own shop like-for-like sales in the first 17 weeks up 3.7% (2013: 4.4% decline)

· 66 refits completed

· 20 new shops opened, 28 closures

· Input cost inflation below expectations

· Property gains on disposal £1.4 million (2013 £0.2 million)

Trading performance

Trading so far this year has been good, continuing the trend seen in the final quarter of 2013. Our total sales for the 17 weeks to 26 April 2014 grew by 4.0 per cent. Like-for-like sales in our own shops grew by 3.7 per cent over the same period.

Our year-on-year performance is in part benefiting from comparison with a period of weak trading in 2013 when like-for-like sales for the first 17 weeks declined by 4.4 per cent, impacted by snow in January and March 2013. In line with our strategy sales growth is also being driven by improved availability of our freshly made sandwiches, longer trading hours and product upgrades such as our improved coffee blend, which is benefiting from inclusion within our popular promotional meal deals. Greggs Rewards, our new mobile loyalty scheme, has started well and continues to build momentum.

Cost control has been strong in the year to date and input cost inflation has been lower than we have experienced in recent years. As a result there has been some benefit to margin in the period. The business remains highly cash-generative and maintains a strong balance sheet position.

Shops

During the first 17 weeks we completed 66 shop refurbishments in our 'bakery food-on-the-go' format, in line with our plan to refit around 200 shops during 2014. These are performing well and the contemporary new look and feel, along with additional facilities such as seating, is being well received by both customers and staff.

We also opened 20 new shops, including 11 franchised units in transport locations. We closed 28 shops, giving a total of 1,663 shops trading at 26 April. As a consequence of our accelerated closure programme we have disposed of a number of freehold properties in the year to date. This has realised property profits of £1.4million (2013 £0.2 million).

Organisational Change

We have completed the formal consultation period in respect of our proposals to close 79 in-store bakeries and improve our operational effectiveness in support areas. The agreed changes in support areas are complete and new structures are in place. The closure of in-store bakeries is on-going and we anticipate that the majority of these will be completed by the end of this year.

Outlook

Market conditions remain highly competitive but we are encouraged by the performance in the year to date. We have delivered continuing improvement in like-for-like sales, albeit against the weak comparatives of last year, and strong cost control. We have also benefited from property disposal profits and lower than expected input cost inflation. As a result, we expect to deliver a good first half outcome.

The second half is likely to be more challenging as we come up against relatively stronger sales comparables and likely cost inflation. Overall we expect to deliver satisfactory financial results for the year and good further strategic progress.

Half Year Trading Statement

Good trading year to date

· Total sales in the 26 weeks to 28 June 2014 up 3.1%

· Own shop like-for-like sales in the first 26 weeks up 3.2% (2013: 2.9% decline)

· 131 refits completed

· 26 new shops opened, 36 closures

· Property gains on disposal of £1.4 million (2013: £0.2 million)

· Good cost control

Trading performance

We have continued to trade well through the first half of the year. Our total sales for the 26 weeks to 28 June 2014 grew by 3.1 per cent. Like-for-like sales in our own shops grew by 3.2 per cent over the same period.

Whilst our year-on-year performance has benefitted from comparison with a period of weak trading in 2013, sales growth is also being driven by initiatives that have further improved our products, availability, service and value.

During the first 26 weeks we completed 131 shop refurbishments, in line with our plan to refit around 200 shops during 2014. We also opened 26 new shops and closed 36 shops, giving a total of 1,661 shops trading at 28 June. We expect shop numbers for the year as a whole to be broadly flat.

As previously reported we have disposed of a number of surplus freehold properties in the year to date realising property profits of £1.4million (2013: £0.2 million).

Given the encouraging trading performance in the first half of the year, along with good cost control and the benefit of property disposal profits, we expect to show operating profits of around £16-17 million when we report our interim results on 30 July 2014 (2013: £11.5 million).

Outlook

Sales comparables strengthen in the second half although the risk of further input cost inflation appears to be reducing. Overall, we expect to deliver an improved financial result for the year and further progress against our strategic plan.