The High Street Bakery Chain Greggs is warning that sales won’t get back to pre-pandemic levels for as long as physical distancing continues.
Releasing its half year results this morning, the Company revealed that made a £65.2m loss before tax in the first half, compared with a £36.7m profit a year ago with sales 72 per cent of the level they were pre Covid-19.
“Following successive years of unbroken growth Greggs made a great start to 2020, coming into the year with momentum and clear strategic plans. The strength of our business model enabled us to secure the liquidity needed to support our business through the current crisis and then to adapt our operation and strategic investment plans in response to the new environment.” says it Chief Executive Roger Whiteside
“I want to thank the amazing team of people in our business who have risen to the challenges created by this crisis both in supporting the wider community and working together to redesign our operation to work safely under these new conditions.
“Greggs is now well prepared to deal with the challenges of social distancing and operate through the conditions we are faced with. Greggs remains a much-loved brand with long-term growth opportunities and the business is better placed to adapt to new conditions than ever before.”
The Company opened around 800 of its outlets in the middle of May as the country came out of lockdown and only opening all of its 2000 outlets at the beginning of July