INTERIM RESULTS FOR THE 26 WEEKS ENDED 3 JULY 2021
Greggs is a leading UK food-on-the-go retailer,
with more than 2,100 retail outlets throughout the country
A strong first half recovery
First half financial highlights
|
|
H1 2021 |
H1 2020 |
H1 2019 |
|
Total sales |
£546.2m |
£300.6m |
£546.3m |
|
Underlying pre-tax profit/(loss)** |
£55.5m |
(£64.5m) |
£40.7m |
|
Statutory pre-tax profit/(loss) |
£55.5m |
(£65.2m) |
£36.7m |
|
Diluted earnings/(loss) per share |
43.2p |
(53.4p) |
28.5p |
|
Ordinary interim dividend per share |
15.0p |
Nil |
11.9p |
· Two-year LFL* for first half down 9.2%
· Two-year LFL* positive since non-essential retail reopened
· Strong cash position and good liquidity, with net cash at period end of £118.3m
* Like-for-like (LFL) company-managed shop sales performance against comparable period in 2019
** 2020 H1 and 2019 H1 underlying profit before exceptional charges (2020: £0.7m; 2019: £4.0m) and taxation
Operational and strategic development
· Shop opening pipeline : 48 new shops opened in first half, 11 closures; 2,115 shops as at 3 July 2021. Anticipate circa 100 net new shop openings in 2021; expected to create 500 new retail roles in second half
· New channels : delivery service now available from 837 shops; delivery sales represented 8.5% of company-managed shop sales in the first half of 2021
· New Greggs Rewards app launched offering customer rewards across the full range of purchases
· New product development : continued to drive menu development, including an expanded range of vegan-friendly products and options for other diets and dayparts
· Investment in supply chain : new automated frozen distribution facility commenced operation
· Greggs Pledge commitments well-received by colleagues, customers and investors
“Greggs once again showed its resilience in a challenging first half, emerging from the lockdown months in a strong position and rebuilding sales as social restrictions were progressively relaxed.
“We continue to make good progress with our strategic priorities, growing the shop estate and investing in our digital capabilities to compete in all channels and dayparts of our market.
“Whilst there continue to be general uncertainties in the market, given our recent performance we now expect full year profit to be slightly ahead of our previous expectation.”