Shares in Greggs fell after Investing.com’s trading update

Investing.com — Greggs (LON: ) maintained its full-year forecast, although it reported a slowdown in underlying sales growth in the most recent quarter as consumers continue to experience uncertainty.

At 4:48am (0848 GMT), Greggs was trading 3.1% lower at £3,028.

In an update on Tuesday, the company reported that like-for-like sales at its company-operated stores rose 5% in the 13 weeks to September 28, down from a 7.4% rise in the first half of the year fiscal.

Greggs attributed its growth not only to opening new stores, but also expanding its product offering, including new pizza and donut selections, extending its opening hours into the evening, increasing delivery sales and driving customer loyalty through the Greggs app.

“While acknowledging continued economic uncertainty, the Board expects the full-year result to be in line with its previous expectations,” the company said in a statement.

So far this year, the company has opened a network of 86 stores, which includes 43 relocations, bringing the total to 2,559 locations.

In addition, Greggs now expects cost inflation for 2024 to be at the lower end of its previously communicated range of 4% to 5%.