14:26 23 March 2013
Greggs, the UK’s largest bakery chain, has revealed that its 2012 full year profits fell by 2.2per cent to £52million in the year to 29th December, while underlying sales is down by 2.7per cent. The company blames bad weather and challenging market condition for their numbers.
Chief Executive Roger Whitesaid explains: "The weather was particularly poor during the year, which was the second wettest in the UK since records began. This was a significant deterrent to the frequent shopping trips that are a particular feature of a daily purchase business like Greggs.”
Greggs becomes the latest in a string of high street businesses to blame bad weather for falling profits. These include Debenhams, Punch Taverns, the pub company, and Home Retail Group’s Homebase.
Sales in stores were on a downward trend for more than a year. Greggs revealed that underlying sales were down by 4per cent in the first 11 weeks of 2013 partly because of the snow in January.
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