Hot weather prompts Greggs profit warning

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Shares in UK bakery chain Greggs fell sharply on Wednesday after it warned income this yr could also be decrease than in 2024 pushed by a heatwave that elevated demand for chilly drinks however decreased total footfall. The maker of pasties and sausage rolls reported a 2.6 per cent enhance in like-for-like gross sales within the first half of the yr, in contrast with a 2.9 per cent rise within the first 20 weeks and famous it had been affected by “very excessive temperatures”. Its shares fell 14 per cent on the information.The revenue warning comes after Greggs’ chief govt Roisin Currie stated in Could that she was assured a gross sales increase from heat spring climate would proceed. However an ongoing heatwave within the UK and far of Europe, which has pushed temperatures above 30C, has meant fewer folks outdoors and fewer prospects. It is a creating story