British baker and fast food chain Greggs has today reported a further slowdown in underlying sales growth in its latest quarter, blaming July's hot weather for weaker trading before a recovery in August and September.
The company, best known for its sausage rolls, steak bakes, vegan alternatives and sweet treats, said company-managed shop like-for-like sales rose 1.5% in its third quarter to September 27, having been up 2.6% in its first half.
"While unusually high temperatures persisted throughout July, which held back performance during the month, trading improved in August and September in more stable conditions," Greggs said today.
Shares in Greggs have lost nearly half their value over the last year after sales growth slowed, prompting some analysts to declare the UK had hit "peak Greggs", a charge the company denies.
Greggs said its expectations for the full year were unchanged.
In July, the group had warned that full year profit "could be modestly below" 2024 levels.
