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

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.

Above £5.50 @all time high @565p

Interim Results

Financial highlights
· Total sales up 3.1% to £373m (2013: £362m)
· Own shop like-for-like sales up 3.2% (2013: 2.9% decline)
· Property gains on disposal of £1.4m (2013: £0.2m)
· Pre-tax profit £16.9m (2013: £11.4m) excluding exceptional items
· Continued strong cash generation
· Dividend per share maintained at 6.0p (2013: 6.0p)

Operational highlights
· Favourable trading conditions
· Encouraging results from sales initiatives:
- New coffee blend well received
- Improved sandwich range, including greater choice below 400 calories
· 131 refits completed
· 26 new shops opened, 36 closures
· 1,661 shops trading at 28 June
· Shop refurbishment programme progressing well
· Benefiting from efficiencies of change programme

Interim Management Statement

Continued strong performance into the second half


· Own shop like-for-like sales up 5.4% for the 11 weeks to 13 September (2013: 1.0% decline)
· Year to date own shop like-for-like sales up 3.9%
· Total sales growth 3.5% year to date (2013: 3.4%)
· 153 refits completed
· 32 new shops opened, 43 closures
· Further margin benefits from commodity deflation
· Excellent cost control
· Faster progress with structural efficiency initiatives

Trading Update

TRADING UPDATE
FOR THE 24 WEEKS TO 13 DECEMBER 2014

Greggs is the leading bakery food-on-the-go retailer in the UK,
with almost 1,700 retail outlets throughout the country

Continued strong performance in the second half to date


· Own shop like-for-like sales up 5.2% for the 24 weeks to 13 December (2013: 0.7%)
· Year to date own shop like-for-like sales up 4.2% (same period 2013: 1.1% decline)
· Total sales growth 3.6% year to date (2013: 3.7%)
· LFL performance ahead of expectations, particularly given comparison with strong Q4 2013
· Customers continue to respond well to products, value, service and investment in shops
· Favourable trading environment with weather generally helpful
· Now anticipate full year profits for the 53 weeks* to 3 January 2015 to be ahead of analysts' expectations

* anticipated negative profit impact of 53rd week circa £1.3m compared with a 52 week year

15 December 2014

GREGGS plc
TRADING UPDATE
FOR THE 24 WEEKS TO 13 DECEMBER 2014

Greggs is the leading bakery food-on-the-go retailer in the UK,
with almost 1,700 retail outlets throughout the country

Continued strong performance in the second half to date


· Own shop like-for-like sales up 5.2% for the 24 weeks to 13 December (2013: 0.7%)
· Year to date own shop like-for-like sales up 4.2% (same period 2013: 1.1% decline)
· Total sales growth 3.6% year to date (2013: 3.7%)
· LFL performance ahead of expectations, particularly given comparison with strong Q4 2013
· Customers continue to respond well to products, value, service and investment in shops
· Favourable trading environment with weather generally helpful
· Now anticipate full year profits for the 53 weeks* to 3 January 2015 to be ahead of analysts' expectations

* anticipated negative profit impact of 53rd week circa £1.3m compared with a 52 week year

Chief Executive Roger Whiteside comments:

"The strong performance that we reported in our September IMS has continued. Trading conditions have remained helpful but there is no doubt that customers are also responding to improvements in our product and service offer and to the investment we are making in the shop environment.

"Whilst there is still much to play for over the final few weeks of the year we currently anticipate that full year profits will be ahead of analysts' expectations. We expect to make a further update on trading over the Christmas period in early January."


ENQUIRIES:

Greggs plc
Hudson Sandler
Roger Whiteside, Chief Executive
Wendy Baker
Richard Hutton, Finance Director
Tel: 020 7796 4133
Tel:
0191 281 7721

Greggs plc, the leading bakery food-on-the-go retailer in the UK, will be announcing a trading update on Tuesday 13 January 2015.

GRG Greggs On the verge of a breakout from the short term range and a new high. Results on the 13th next week.

Trading Update

Greggs is the leading bakery food-on-the-go retailer in the UK,
with 1,650 retail outlets throughout the country

Very strong finish to the financial year


Christmas trading
· December* own shop like-for-like sales up 8.2% (2013 comparable period up 3.1%)
· Very strong Christmas trading focused on serving the food-on-the-go customer

Financial year 2014**
· Total sales up 5.5%, own shop like-for-like sales up 4.5%
· Fourth quarter own shop like-for-like sales up 6.0%
· Estate improvement programme - 213 shop refurbishments completed in the year
· 50 new shop openings (including 20 with franchise partners), 71 closures
· 1,650 shops trading as at 3 January 2015
· Full year results anticipated to be above previous expectations

* Five week period ended 3 January 2015
** 53 weeks ended 3 January 2015 (total sales growth compares with 52 weeks in 2013)

more...

Well done to holders here!

Preliminary Results

A YEAR OF EXCEPTIONAL PROGRESS

Financial highlights
· Total sales up 5.5% to £804.0m (2013: £762.4m)
· Own shop like-for-like sales* up 4.5% (2013: 0.8% decline)
· Property gains on disposal of £1.5m (2013: £1.3m)
· Pre-tax profit excluding exceptional items** up 41.1% to £58.3m (2013: £41.3m)
· Excellent returns on capital invested
· Continued strong cash generation, resuming buyback programme
· Dividend per share up 12.8% to 22.0p (2013: 19.5p)

* like-for-like sales in own shops (excluding franchises) with a full year's trading history
** before exceptional pre-tax charge of £8.5m (2013: exceptional pre-tax charge of £8.1m)

Operational highlights
· Food-on-the-go focus delivering growth
· Upgraded coffee sales now c.£1 million per week
· Strong growth from 'Balanced Choice' range
· Growing customer participation in value deals
· Much improved market conditions
· 213 shop refits completed in the year
· 50 new shops opened, 71 closures
· 1,650 shops trading at 3 January
· Initial benefits of change programme delivered ahead of schedule


"2014 was a year of significant change and an exceptional step up in performance for Greggs as we began to implement our new strategic plan centred on the growing food-on-the-go market. We have improved both our food offer and the shop experience for customers. Market conditions have been more favourable and like-for-like sales have grown throughout the year. This has resulted in record underlying profits for the financial year. Overall we are confident of delivering a further year of good growth and progress against our strategic plan in 2015."

- Roger Whiteside, Chief Executive

Berenberg Sell 1,020.00 1,020.00 - 820.00 Initiates/Starts

Greggs: The baker that is stopping selling loaves

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