Greggs buoyed by £1.99 breakfasts

Greggs, the high-street baker, has reported a 7.9% lift in pre-tax profits to £52.5m, bolstered by the performance of its £1.99 breakfasts and new shop openings.

Greggs: breakfast range is a hit with customers
Greggs: breakfast range is a hit with customers

Greggs reported revenues of £662m in the year ending January 2011, up 0.2% on the previous 12 months.

In the 12-month period, Greggs said it had a record number of new shop openings and refits, an overall net addition of 68 new shops. Pre-tax profits were up from £48.4m to £52.5m.

Greggs is bidding to pinch market share from high-street coffee chains, such as Costa Coffee and Starbucks, by rolling out coffee machines that serve freshly ground Fairtrade drinks in its outlets.

The baker claims its coffee trades at around 40% cheaper than branded coffee operators. It is currently available in 1,100 Greggs outlets, but will fully roll out this year.

Along with its coffee, Greggs is throwing its weight behind its breakfast menu – the focus of its "home of fresh baking" campaign.

Its morning offering has been increased to include porridge, croissants, pain au chocolat and fruit smoothies

The company, in its outlook, said: "2011 will present some significant challenges to UK retailers given the prevailing economic environment. However, I believe that our reputation for great value, the growing benefits of our move to a centrally run business and our cash-generative model mean that we are well placed to make progress despite these challenges."

You have

[DAYS_LEFT] Days left

of your free trial

Subscribe now

Become a member of Campaign from just £46 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Why creative people have lost their way

What better way to kick off the inaugural issue of Campaign's monthly print offering than with another think piece on the current failings of our industry, written by an embittered, pretentious creative who misses "the way things used to be"...

Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).