Gregs says he expects his first annual loss since 1984.
The group says it is projecting a £15 million loss in 2020 as the pandemic has reached sales, revenue and closed stores. This is compared to the 2019 profit of £108.3 million.
Sales plummeted to £300 million, with sales reportedly falling 30% from 53 weeks to January 2nd compared to the previous year.
Gregs cut 820 jobs amid the coronavirus crisis.
Since the pandemic, the group has been working to provide delivery services alongside Just Eat, but delivery sales in the fourth quarter were 5.5% of those normally sold in-store. Gregs also partners with Iceland to offer products for bake at home.
Greggs CEO Roger Whiteside commented: “As our customers spend more time at home, we have successfully developed a partnership with Just Eat to provide delivery services and aim to provide strong sales through our long-standing partnership with Iceland. We offer baking products.
“We’ve resumed opening new stores, and there’s a good opportunity there. These sites have cars working particularly well. Important uncertainty in light of recent government announcements. remains in recent years.
“We have filed a lawsuit to place Greg to endure even short-term shocks. We are also optimistic about the growth outlook once social restrictions are lifted. Supporting Gregs through 2020 I would like to thank everyone who did it,” he added.
Ross Hindle, an analyst at research firm Third Bridge, said Greggs “cooks fourth-quarter trading performance driven by the footprint of local town shops, with a second lockdown, drive-thru features and even bigger He said he kept the store open during the push. For delivery and collection.”
Greggs stocks (LON: GRG) trades 8.03% higher at 1,923.00. Since the beginning of the year, the group’s stocks have fallen from a high of 2,550.00.
