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Greggs Profits Rise Thanks To Vegan Products Boom
UK's biggest bakery chain Greggs has announced an 'exceptional' 27 per cent rise in 2019 pre-tax profits following the success of vegan sausage roll. The vegan sausage roll was launched for Veganuary in 2019 and has been a big bestsell...
UK's biggest bakery chain Greggs has announced an 'exceptional' 27 per cent rise in 2019 pre-tax profits following the success of vegan sausage roll.
The vegan sausage roll was launched for Veganuary in 2019 and has been a big bestseller ever since.
This year, Greggs added a vegan steak bake and a vegan doughnut to the menu in response to high demands for vegan options among the consumers. The vegan steak bake has become its second-best-selling vegan item.
Greggs revealed its like-for-like sales grew by a record 9.2 per cent.
In 2019, the chain opened 100 new locations and is currently operating 2,050 shops across the UK.
Additionally, the company is also rolling out a delivery service in partnership with Just Eat.
Roger Whiteside, Greggs' CEO, says it was an "exceptional year" for the company.
Still, he warns of uncertainty, due to the spread of the coronavirus.
He said: "2019 was an exceptional year of progress for Greggs, during which we experienced a sustained increase in customer visits as increased awareness and appreciation of our brand gathered momentum.
"There is some uncertainty in the outlook, particularly given the potential impact of coronavirus.
"This aside, we expect to make year-on-year progress and will do so from a strong financial position, supporting our investment for further growth whilst also delivering good returns for all stakeholders."
The company said it would share £12.8m of profits with its employees. Greggs staff benefit from the 10% profit share agreement.
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