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Greggs warns FY25 operating profits could be 'modestly below' FY24
(Sharecast News) - Bakery chain Greggs warned on Wednesday that FY25 operating profits may be "modestly below" FY24 despite H1 sales growth. Greggs saw total H1 sales grow 6.9% to £1.02bn, with like-for-like sales up 2.6% year-on-year.
Greggs said it had made "good progress" in May but noted this was followed by "slower growth" in June as high temperatures affected the UK, increasing demand for cold drinks but reducing overall footfall.
The FTSE 250-listed firm said it had opened 87 new shops and closed 56 shops in H1, leaving a total of 2,649 shops trading as at 28 June and stated it was confident in achieving 140 to 150 net openings for FY25.
Looking forward, Greggs expects H1 operating profits to be lower year-on-year, due to both its strong comparative trading performance in H124 and the phasing of refurbishments and cost recovery initiatives in FY25.
However, as it acknowledged that comparative like-for-like sales were generally "less demanding" in H2, Greggs said it now anticipates that the FY operating profits "could be modestly below that achieved in 2024".
Reporting by Iain Gilbert at Sharecast.com
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