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Looks like results are ahead of broker's forecasts
Greggs looking at job cuts and reduced hours as furlough scheme ends
Greggs wants to minimise job cuts by reducing hours worked in shops
Greggs PLC (LON:GRG) said it is to start consultations with unions about job losses after completing a review of the business.
The bakery chain said that with the end of the furlough scheme in October it had to ensure employment costs reflected the level of demand expected from November.
Greggs added it wants to minimise job cuts by reducing hours worked in shops, which is in line with a new job support scheme announced last week by chancellor Rishi Sunak.
The company said is also restarting its shop opening scheme with a net 20 new outlets scheduled to start trading in 2020.
Trading remains uncertain, it added, with new lockdowns recently imposed across much of the North of England likely to lead to further supply chain disruption and to keep people at home.
Greggs said trading in September had improved over August and was running at 76.1% of the level a year ago and at ana average 71.2% since it reopened its estate in July.
August had been affected by the chain not being able to access the Eat Out to Help Out scheme, it scheme but people had since started to go out more, which had boosted the four weeks to 26 September.
In the 39 weeks so far of the current financial year, Greggs said it had closed a net 11 shops to give a total of 2,039.
https://www.proactiveinvestors.co.uk/companies/news/930178/greggs-looking-at-job-cuts-and-reduced-hours-as-furlough-scheme-ends-930178.html
Why is this dropping?
The results were slightly above expectations
Highly unusual...
I got out at 1200 (ish) after dropping from my 1400 average...I expected the worst.
If this continues south though and drops sub 1k I'll be back in for the recovery.
Good Luck
Disappointing today but not the worst set of results tbh. Over 71% of sales completed in last 12 weeks (vs 2019) and that included not every single store being open the Full 12 weeks and some with no seating allowed inside , coupled with various other local restrictions. It will be a rocky road for a while yet for sure but this will explode at some point. Don’t panic
Why is this dropping?
Results were OK but still losing money on sales at 71% of last year. The outlook is bad as the next October to February period will be compared to last year's stonking period and it won't look good. Many headwinds - workers now again being told to stay home and tighter regulations on movement and socialising in place for 6 months. Other headwinds - students Covid outbreaks, London to be locked down soon, more unemployment on the cards, test and trace is a joke, cold weather coming, further Covid cases and probably a national lockdown oh ... and a vaccine is a long long way off. Tailwinds of new shops, digital and Just Eat will help but will not make up for the YoY comparisons.
As a holder I don't want it or like it, but I think this will go sub £10.
Might as well avg down (1333). I think the RNS showed they are doing better than expectations with necessary steps being implemented to adjust according to the current climate. Props to the BOD and management for steadying the ship. Very much surprised at such a drop today.
Hi
Just to compare Industry figures, P/E etc, who’d be a direct competitor to Creggs? Is there one?
Cheers
And here I was like a fool thinking this would go up today.
The amount of short term profit traders in this stock worries me.
I also like a fool thought it would shoot up. It did initially but here we are at this price. Definitely getting traded on jumps and then sold off to go even lower. Can either top up or start day trading or just watch price go to new lows. The news was better than anticipated but still along way off from making decent profits. Dont want to sell at a loss but can see even lower prices given the uncertainty of this covoid restrictions and no vaccine. I`m caught in trap...
People relax. If you have all your money in here then that’s a mistake. As with any share. The facts are this will be much higher this time next year, I truly believe this can double in 24mths easy however even if a Vaccine / treatment hasn’t been found We will have learned to live with it better and understand it more. The worst bear case is this will still be much higher months from now. Homo sapiens need to eat.