Greggs’ shares soar on profits guidance

Shares in Greggs soared yesterday after the bakery retailer revealed that increased sales would mean better-than-expected profits.

The company opened the day at 680.50p, rising to a high of 704.50p, before closing on 692.50p – an increase of 1.76%.

The stock opened today at 705.00p, up almost 4%.

Yesterday, chief executive Roger Whiteside said customers were “responding” to improvements in products and services - as it unveiled own shop like-for-like sales (LFLs) growth of 5.2% for the 24 weeks to 13 December, compared with growth of just 0.7% in the same period last year.

For the year-to-date LFLs were up 4.2%, added Greggs, significantly better than the -1.1% decline seen in the same period in 2013.

Analysts Shore Capital said that 2014 had been a “fabulous” year for Greggs, adding that chief executive Whiteside deserved credit for “simple” but “effective” improvements to the business. 

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