Salem Radio Network News Tuesday, March 21, 2023


British baker Greggs warns of ongoing inflation challenge

LONDON (Reuters) – Britain’s popular baker and fast food chain Greggs warned that high inflation would continue to be a challenge this year, but said it was confident its value offer of sausage rolls, steak bakes and pizza would help drive growth.

For 2022, Greggs posted pretax profit of 148.3 million pounds ($178.6 million), in line with analysts’ forecasts, on total sales which rose 23% to 1.51 billion pounds.

Profit was held back by rises in the prices of ingredients, energy and labour, with cost inflation totalling about 9% over the year, said Greggs, which trades from over 2,300 shops across Britain.

Chief Executive Roisin Currie, who took up the top job last May, said she was confident in the prospects for 2023 despite the ongoing high level of inflation, which Greggs said would be felt in pay awards and energy costs.

“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on-the-go,” she said in a statement on Tuesday.

($1 = 0.8306 pounds)

(Reporting by Sarah Young, Editing by Paul Sandle)


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