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.
Learn about the sterling and forex trading at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.