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LONDON, Oct 5 (Reuters) - British baker and fast food chain
Greggs raised its full-year profit outlook after
underlying third-quarter sales rose 3.5% compared to two years
ago despite staffing and supply chain disruption.
Greggs, which trades from 2,146 shops and is best
known for its sausage rolls, steak bakes, vegan snacks and sweet
treats, said sales growth was particularly strong in August when
a "staycation" effect was evident and remained in positive
territory in September, with two-year like-for-like growth of
3.0% in the four weeks to Oct. 2.
However, the group said it had not been immune to pressures
on staffing and supply chains, and had seen some disruption to
the availability of labour and supply of ingredients and
products in recent months.
It cautioned that food input inflation pressures were also
increasing.
"Whilst we have short-term protection as a result of our
forward buying positions we expect costs to increase towards the
end of 2021 and into 2022," it said.
Greggs said its operational cost control has been good and
the strong sales performance in the third quarter had given it
confidence as it moved into the autumn.
"Subject to any unexpected COVID disruption we expect the
full-year outcome to be ahead of our previous expectations," it
said.
Prior to Tuesday's update analysts' average forecast for
full-year pretax profit was 133 million pounds ($181
million)according to Refinitiv data, versus a 13.7 million pound
loss in 2020.
($1 = 0.7356 pounds)
(Reporting by James Davey, Editing by Paul Sandle)
