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UK baker Greggs warns on full year profit

Reuters - UK Focus

LONDON, May 9 (Reuters) - British baker Greggs warned on Wednesday that underlying profit for 2018 was likely to fall short of expectations and be at a similar level to 2017, held back by uncertainty over consumer demand.

Greggs (Stuttgart: 41G1.SG - news) , which is transforming itself from a conventional bakery business into a broader takeaway food retailer, said like-for-like sales at company-managed shops rose 1.3 percent in the first 18 weeks of the year - a slowdown from growth of 3.2 percent in the first eight weeks.

The group said trading in March and April was impacted by weaker market conditions but improved in May. (Reporting by James Davey; editing by Jason Neely)