Shares in FTSE 250 bakery chain Greggs (LON:GRG) fell by 5.97% to 1,371.88p (as of 15:05 BST) as like-for-like sales in the company’s shops dropped by 49% during the first half of the year. Stores were closed for most of the period, but 72% of branches have now been reopened. A pre-tax loss of £65.2 million was booked for the half.
CEO Roger Whiteside commented: “Following successive years of unbroken growth Greggs made a great start to 2020, coming into the year with momentum and clear strategic plans. The strength of our business model enabled us to secure the liquidity needed to support our business through the current crisis and then to adapt our operation and strategic investment plans in response to the new environment“.