You are here

Prices & Quotes - UK Markets - Greggs (GRG)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 2,555.00p
Change Today:
10.00p
Market Cap:
2,595.30m
Sector:
Food & Drug Retailers

Greggs warns on profits, scraps dividend due to Covid-19

By Michele Maatouk

Date: Monday 23 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Greggs issued a profit warning on Monday due to the coronavirus, scrapped its dividend and said it could not provide forward guidance.
The company, known for its sausage rolls, also said it was closing its stores.

"Given the current and likely impacts of coronavirus we are now planning for the closure of our shop estate by close of business on Tuesday 24 March in order to protect our people and customers," it said.

"It is now clear that to protect our people and customers we need to go further and temporarily close our shops completely. During this period, with support from the Government's Coronavirus Job Retention Scheme, we intend to maintain employment of colleagues at full contract hours for as long as is practicable."

Greggs said it had seen a "sharp" reduction in footfall over the last week. Initially the impact was seen in transport hubs and in central London, but more recently it has also affected other towns and city centres across the UK.

In its preliminary results earlier this month, the company said managed shop like-for-like sales grew by 7.5% in the nine weeks to 29 February. For the two weeks that followed, however, sales growth averaged 4.1% and in the most recent week to 21 March, it saw a 9.9% fall, with the rate of decline increasing each day as more and more customers adhere to social distancing advice.

"We would expect this to increase further if we were to continue to trade," it said.

Greggs said it was reducing cash expenditure to protect its liquidity in the short term and intends only to complete existing shop projects, whilst deferring new shop openings and planned refurbishments. In addition, it will not be paying out the previously-announced final dividend for 2019 and has stopped the programme of share purchases by its Employee Benefit Trust. This will avoid around ?40m of cash outgoings this year.

Providing forward guidance is now "impossible", it said, but the board no longer expects to make year-on-year profit progress like it said it did earlier this month.

"Whilst the outlook during this crisis remains uncertain Greggs is a resilient business with strong growth credentials and we should be confident of its ability to navigate this event and return to growth when the economy recovers," it said.

At 1625 GMT, the shares were down 8.2% at 1,294.00p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Greggs Market Data

Currency UK Pounds
Price 2,555.00p
Change Today 10.00p
52 Week High 2,618.00p
52 Week Low 1,119.00p
Volume 61,802
Shares Issued 101.58m
Market Cap 2,595.30m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. empty market
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. empty sector
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Price Trend
market
  1. full market star
  2. full market star
  3. full market star
  4. half market star
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. half sector star
Income
market
  1. half market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. empty sector
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Growth
market
  1. full market star
  2. full market star
  3. half market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. half sector star
P/E
Not Available
PEG
market
  1. full market star
  2. full market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Dividend Yield
Not Available
EPS Growth
Not Available
Operating Margin
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector

What The Brokers Say

Strong Buy 6
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 8
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Greggs Dividends

  Latest Previous
  Special Interim
Ex-Div 05-Sep-19 05-Sep-19
Paid 03-Oct-19 03-Oct-19
Amount 35.00p 11.90p

Trades for 15-Jun-2021

Time Volume / Share Price
11:48 66 @ 2,555.00p
11:48 28 @ 2,555.00p
11:48 93 @ 2,555.00p
11:48 72 @ 2,554.00p
11:48 94 @ 2,554.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant