Optimist Greggs expects faster sales rebound Business

Fast food chain Greggs believes it could return to normal profits this year, as the business has performed well in the first few weeks after non-essential retailers reopened.

The sausage roll maker said its sales increased from 2019 since clothing stores and others resumed operations on April 12.

He did not disclose the exact increase in sales for that period, but did indicate that in the eight weeks leading up to May 8, sales fell just 3.9%.

That compares to a 23.3% drop in the 10 weeks leading up to March 13, the company said on Monday.

Although he warned of “considerable uncertainty,” the board appears optimistic about Greggs’ outlook for the year.

He said profits could return to levels seen in 2019 this year if Covid-19 restrictions continue to be relaxed as planned.

“Sales have recovered well in recent weeks as out-of-home activity levels have increased, albeit in the absence of competition from restaurant operators,” Greggs told investors.