Greggs share price hit by profits warning

<p>Greggs stocks are down today.</p>

The share price of Greggs the bakers was hit today (April 29th) as a result of the company issuing a warning over its profits.

It was revealed by the firm that its like-for-like sales – which exclude newly-opened outlets – are down 4.4 per cent so far this year.

This means profits for 2013 are now likely to come in lower than market expectations, it was noted by the company in a statement.

"Despite good cost control overall profits have been affected in the first quarter of the year and are behind our plan," Greggs said.

Bad weather was one of the factors blamed by the firm for its drop in like-for-like sales over the course of the year so far.

On the back of the profit warning issued by the company, stocks in Greggs were down by more than eight per cent this morning.

At 08:37, they were trading at 424.00, which is a drop of almost 40 points on the start of the day's trading.

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