Greggs to open 100 new stores despite sales slump
- Credit: Archant
Bakery chain Greggs, with stores across Norfolk, has said it is set to slump to an annual loss.
It has warned profits will not recover until at least 2022 as the pandemic hammers sales.
But it has vowed it will continue to consider opening 100 new stores across the UK. It is not yet known whether any will be in Norfolk.
Roger Whiteside, chief executive officer, said: "We have resumed opening new shops where we see good opportunities, with those sites accessed by car performing particularly well."
The bakery, which recently axed more than 800 jobs amid the coronavirus crisis, said like-for-like sales fell by nearly one-fifth to January 2. Total sales for the year slumped by nearly one-third to £811m.
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The group said it was braced for annual pre-tax losses of up to £15m, against profits of £108.3m the previous year, though it said the hit was contained thanks to government support.
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