Greggs sales to remain weak in 2012

<p>Greggs sales are set to be low in 2012 owing to bad weather and tight consumer spending.</p>

Shares in Greggs have fallen this morning (October 11th) on the London Stock Exchange following an announcement from the company that its sales will remain weak this year.

Like-for-like sales – ignoring the impact of new outlets – slipped 2.6 per cent in the last 14 weeks from a year earlier, however this was an improvement on spring's results, when sales fell 3.5 per cent compared to the same period in 2011.

The UK's largest bakery chain has warned that weak spending and bad weather have damaged demand for its bread and pastry products.

Despite its shrinking sales, Greggs' overall revenues were up by 5.9 per cent over the last three months thanks to its business expansion.

At 10:55 BST, Greggs shares were down by nearly four per cent (3.9 per cent) on the London Stock Exchange.

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