Greggs’ trading update fails to support shares

FTSE 250 bakery chain Greggs (LON:GRG) saw its share price sink 7.13% to 1,132.02p (as of 15:40 BST) after reporting that sales during the four weeks to 26th September were 76.1% of their 2019 level. This represented an improvement over August which was especially difficult due to the hot weather and extra competition from the Government’s restaurant support scheme. The trading outlook remains uncertain, with further restrictions being placed on consumers and the risk of supply chain interruptions.

With the end of the Job Retention Scheme planned for October and business levels expected to remain subdued, the company will conduct a review to reduce employment costs.