Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Bakery chain Greggs upgraded its earnings guidance after enjoying a stronger-than-expected bounce back in demand since lockdowns eased.
Greggs already had on 10 May announced that it had seen a strong recovery in sales following an easing of restrictions on non-essential retail across the UK.
'Since then we had expected to see increased competition as cafes and restaurants were allowed to compete more effectively with our largely take-out offer,' it said on Monday.
'In recent weeks the impact of pent-up demand for retail has reduced but, nonetheless, like-for-like sales growth in company-managed shops has remained in positive territory ranging between 1-3% when measured against the same period in 2019.'
'This level of sustained sales recovery is stronger than we had anticipated and, if it were to continue, would have a materially positive impact on the expected financial result for the year.'
Greggs said it would provide an updated picture when it presented interim results on 3 August.