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Premarket London: Sainsbury's Sales Slide in Q3; Greggs Increases Profit Forecast

Published 08/01/2020, 07:31
Updated 08/01/2020, 07:34
© Reuters.
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Investing.com - Here is a summary of the most important regulatory news releases from the London Stock Exchanges on Wednesday, 8th January. Please refresh for updates.

  • Supermarket Sainsbury's (LON:SBRY) said like-for-like sales, excluding fuel, fell 0.7% during the quarter which included Christmas, a key trading period for retail.

  • In the 15 weeks to Jan. 4, Sainsbury’s reported a decline in general merchandise of 3.9%. Britain’s second largest supermarket said grocery sales grew by 0.4%, while total online sales increased by 5%.

  • “We have a real sense of momentum in Sainsbury's and investment in our stores and improvements to service and availability have led to our highest customer satisfaction scores of the year.” said CEO Mike Coupe.

  • Bakers Greggs (LON:GRG) said like-for-like sales for the fourth quarter grew by 8.7%, compared with 5.2 % the previous year.

  • For the 2019 financial year, total sales grew by 13.5% and company-managed shop like-for-like sales grew by 9.2%.

  • Following a better than expected trading period, the bakery promised a one-off payment to all staff. The company will make the payment to all employees, at a cost of 7 million pounds, at the end of January.

  • The company, which operates just over 2000 bakeries around the U.K. opened 138 shops in 2019, with 41 shop closures. It said it expects to open around 100 in the coming year.

  • Greggs said that its full year underlying profit for the financial year will be slightly higher than previously expected thanks to its strong trading performance in the latter part of 2019. .

  • The company said growth was driven by existing and new customers and cited the popularity of its vegan sausage roll. The bakery will roll-out an additional vegan-friendly which will include a vegan Steak Bake and vegan doughnut.

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