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Greggs sees full-year profits ahead of expectations

Reuters - UK Focus

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LONDON, Sept 15 (Reuters) - Britain's largest food-on-the-go retailer Greggs (Other OTC: GGGSF - news) said on Monday it now expected full-year profits "materially ahead" of previous expectations due to a strong sales performance in its second half and lower commodity costs.

The firm, which has 1,660 outlets in Britain, said sales had increased by 4.0 percent in the 11 weeks to Sept. 13, taking growth so far this year to 3.5 percent.

Greggs said sales at outlets open more than a year rose by 5.4 percent over the 11 weeks, taking growth this year to 3.9 percent.

It said margins had strengthened into the second half, reflecting deflation in commodity costs and cost savings that were ahead of plan.

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Prior to Monday's update analysts were on average forecasting a 2014 pretax profit of 47.1 million pounds, Reuters data showed.

"This strong performance reflects a positive response from customers to new product initiatives, improved service, better value and our investment in shop refurbishments alongside more favourable trading conditions," Chief Executive Roger Whiteside said.

Shares (Frankfurt: DI6.F - news) in Greggs, up by a quarter this year, closed Friday at 536 pence, valuing the business at 542 million pounds. (Reporting by James Davey; editing by Jason Neely)