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Greggs shows signs of sales recovery improvement but job losses expected to bite

Food on-the-go retailer Greggs has shown signs of a continued recovery in sales as like-for-like sales during September 2020 were at 76.1% of the equivalent period last year.

It also confirmed that it has enhanced its digital offering with click & collect in all shops and its Just Eat delivery collaboration is showing early signs of promise.

However, it is still anticipating that sales will be below usual levels for quite some time and therefore it will be looking to reduce employment costs. Ultimately it will be looking to cut jobs but hopes to mitigate the severity of the job losses by organising reduced working hours.

“Our immediate priority is to complete the consultation with colleagues on the proposed changes to resource levels.  We will do this with regard to our values and the best long-term interests of the business as a whole.  We will update on the expected financial impact of these changes when the consultation ends in November.”

Greggs Third Quarter Trading Update

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