Greggs profits down despite last year's budget pasty hoopla
Company results of the day.
Despite a rise in total sales, Greggs full-year profits have fallen. Pre-tax profits fell 2.2 per cent to £51.9m. Although total sales rose 4.8 per cent to £735m, like-for-like sales, which remove the effect of new stores, fell 2.7 per cent.
The company blamed wet weather for the results, although earlier today Robert Peston tweeted:
The free publicity Chancellor gave Greggs with pasty tax hasn't helped them: like-for-like sales down. profits down, shares down
— Robert Peston (@Peston) March 20, 2013