Greggs sales growth slows

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - High street bakery Greggs said like-for-like sales in the 19 weeks to 10 May 2008 rose by 4.7% and is confident about its prospects.

The group reported a 6.2% sales growth in the first ten weeks of the year. Sales in March and April slowed as a result of "the poorer weather and a less favourable pattern of Easter holiday trading in 2008," Greggs said in a company statement.

Greggs also said it is "seeking the renewal of our authority to buy back shares today and intend to make further purchases..."

The group has opened 18 new shops and closed 10 since the start of the year.

"We have a significant number of further openings in the pipeline, which should ensure that we comfortably achieve our target of adding at least 40 net new shops to our portfolio during 2008," it added.

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