Financial summary
Total sales up 3.8% to £762.4 million
Full year like-for-like sales down 0.8%
Improving trend of like-for-like sales, with H2 up 1.2% and Q4 up 2.6%
Pre-tax profit before exceptional items down 18.9% to £41.3 million
Diluted earnings per share* before exceptional items down 20.1% to 30.6 pence
Dividend per share maintained at 19.5p
Operational summary
New strategic focus centred on the growing food-on-the-go market
Record 216 shop refits in the year
Overall shop numbers unchanged with 68 openings and closures
70% of 2013 new shop openings in locations other than high streets
1,671 shops trading at 28 December 2013 including 25 franchised units
Roger Whiteside, Chief Executive said:
"2013 was a year of transition for Greggs as our new strategic focus centred on the growing food-on-the-go market. Whilst total sales for the year rose 3.8% like-for-like sales were down 0.8% reflecting the tough and competitive trading conditions. However, I am encouraged by the improvement in performance in recent months as our new strategic focus started to deliver benefits.
Market conditions are expected to remain challenging in 2014. It will be a year of further change for Greggs as we move forward with our plan to focus on the food-on-the-go market and build on positive recent trading momentum."