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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 2,345.00p
Change Today:
14.00p
Market Cap:
2,381.22m
Sector:
Food & Drug Retailers

Greggs warns on job losses amid 'uncertain' outlook

By Frank Prenesti

Date: Tuesday 29 Sep 2020

LONDON (ShareCast) - (Sharecast News) - High Street baker Greggs warned of job cuts and reduced hours for staff in the face of expected lower demand despite better trading in September after a slow August.


The company on Tuesday said like-for-like sales in company-managed shops averaged 76.1% of 2019 levels in the four weeks to September 26 - in line with planning assumptions. Sales were 71.2% of the 2019 level in the 12 weeks to the same date.

Greggs, famous for its sausage rolls, said it would look to minimise the risk of job losses by negotiating reduced hours, adding that a consultation with unions had started.

It warned that the outlook for trading remained uncertain, with rising Covid-19 infection rates leading to increasing risks of supply chain interruption and further restrictions on customer activities out of the home.

The government last week told people to work from home where possible, with restaurants and bars closing early to as Covid-19 infections spiked. The new restrictions could last six months and harden if the new outbreak is not stymied - a blow to any recovery the baker was hoping for.

"With business activity levels remaining below normal for the foreseeable future we must change the way we work to be as productive and flexible as we can in order to protect as many jobs as possible for the long term," Greggs said in a statement.

Analysts at Shore Capital reiterated their 'sell' recommendation, albeit "with a heavy heart" for a business "for which we have much admiration".

However, they warned Greggs shares could fall by up to a further 35% given the company had already lost a a quarter of its sales base "which could dip again in October with new restrictions" making the current environment feel "like a slog to us".

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 2,345.00p
Change Today 14.00p
52 Week High 2,388.00p
52 Week Low 1,119.00p
Volume 208,458
Shares Issued 101.54m
Market Cap 2,381.22m
Beta 0.05

Performance Indicators

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 1
Sell 0
Strong Sell 1
Total 8
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 07-May-2021

Time Volume / Share Price
16:35 89,333 @ 2,345.00p
16:29 18 @ 2,355.00p
16:29 25 @ 2,355.00p
16:29 16 @ 2,355.00p
16:29 109 @ 2,354.00p

Greggs Key Personnel

Finance Director Richard Hutton
CEO Roger Whiteside
Chair Ian Durant