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UK Bakery Retailer Greggs Reports Record Profit of £52.5Mln
UK bakery retailer Greggs plc reported a record 2010 pre-tax profit of £52.5 million Wednesday, marking a 7.9 percent profit gain from the prior year as it opened new shops and refitted existing bakeries.
Greggs, which operates retail bakery outlets across the UK, said it expanded its business through the opening of 68 new shops during the year ended January 1, 2011, as it reported its preliminary results.
The company said that represented a record number of new shop openings and refits of existing shops.
Greggs also reported a 2.1 percent rise in annual sales to £662 million, despite the difficult economic climate which continued to affect many regions of the country last year.
"In 2010, we grew sales and achieved record profits despite the tough trading conditions across the UK. In addition to opening around 80 net new shops in the year ahead, we are planning for marginally positive like-for-like sales growth," Greggs' chief executive Kennedy McMeikan said in a statement.
The baked goods retailer marked a 26th straight year of dividend growth as it increased its dividend per share by 9.6% to 18.2 pence.
Greggs operates 1.480 shops across the UK, and serves six million customers a week.
Author: Mike King, analyst.
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