Greggs hit by weather

Bakery chain Greggs revealed a fall in Christmas sales as severe wet weather saw shoppers stay away from the high street.

Newcastle-based Greggs saw like-for-like sales slide 2.9% in the five weeks to January 5, marking a further fall on the 2.6% drop seen in the quarter to October 6.

As well as the bad weather, the group was also hit by consumer belt-tightening and rising costs of its key ingredients, and warned it was expecting to pass on “modest” price hikes.

Greggs opened 121 shops last year and closed 12.

Sales over the 52 weeks to December 29 dropped by 2.7%.

Shares fell 2p to 449p.