LONDON (dpa-AFX) - Greggs Plc (GRG.L), a bakery food-on-the-go retailer, reported Wednesday that its fourth-quarter total sales were 293 million pounds, down from 344 million pounds a year ago.
The company recorded variable trading conditions across the UK as restrictions were enacted to manage the incidence of COVID-19.
Company-managed shop like-for-like sales averaged 81.1 percent of the 2019 level.
In the five weeks to January 2, like-for-like sales in company-managed shops averaged 85.7 percent of the 2019 level.
Fourth-quarter delivery sales were 5.5 percent of company-managed shop sales
Trading in December was initially more robust, supported by the reopening of non-essential retail shops, although this fell back with the introduction of tighter restrictions later in the month.
Looking ahead, the company said it expects full-year loss before tax to be up to 15 million pounds.
The significant uncertainty over the duration of social restrictions, along with the impact of higher unemployment levels, makes it difficult to predict performance. However, the company does not expect that profits will return to pre-COVID levels until 2022 at the earliest.
In the year 2020, the company opened 28 net new shops. The company operates 2,078 shops as of January 2, 2021. The company expects to open around 100 net new stores in the year ahead, subject to prevailing market conditions.
The employee consultation programme in the quarter, in order to reflect below-normal activity levels, minimised the number of job losses but, still resulted in 820 redundancies.
Chief Executive Roger Whiteside said, 'In light of the recent Government announcements significant uncertainties remain in the near-term. We have taken action to position Greggs to withstand further short-term shocks and are optimistic about our prospects for growth once social restrictions are lifted.'
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