Greggs braces itself for £15 million losses and admits the bakery chain will struggle to recover from Covid

Greggs is bracing itself for £15 million losses and admits the bakery chain will struggle to recover from Covid.

Like-for-like sales reportedly fell 18.9 per cent on average year-on-year over the group’s fourth quarter to January 2, 2021.

Greggs, which recently axed 820 jobs, revealed total sales for the year dropped by almost a third to £811 million, but said Government support had helped limit full-year pre-tax losses.

The chain admitted it is not expecting profits to recover to pre-pandemic levels for at least two years.

Chief executive Roger Whiteside said the chain’s partnership with Just Eat to offer delivery services and with Iceland, offering our products for home baking, have proved successful.

But he said there is still “uncertainty” in light of recent Government announcements though the chain remains optimistic.

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