StockMarketWire.com - High-street bakery Greggs upgraded its outlook on performance following a recovery in sales since Covid-19 restrictions were lifted last month.

Profit was likely to be 'materially higher' than its previous expectation, and could be around 2019 levels in the absence of further restrictions, the company said. If Covid-19 restrictions continued to ease, sales for the year were expected to be stronger than previously anticipated, it added.

The positive update followed a 'strong' recovery in sales levels following the easing of restrictions since 12 April.

In the 18 weeks to 8 May 2021, sales were £352 million, compared with £280 million last year.

In the period, 34 new shops were opened, while 11 shops were closed year to date, giving a total of 2,101 shops trading at 8 May.

'Sales have recovered well in recent weeks as out-of-home activity levels have increased, albeit in the absence of competition from indoor seated catering operators,' the company said.



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