British baker Greggs posted a second consecutive quarter of sales growth, crediting its renewed focus on takeaway food and longer trading hours, and said that it expects to deliver a good first-half outcome.
The firm, which has close to 1,700 shops in Britain, said on Wednesday that like-for-like sales in the first 17 weeks to April 26 were up 3.7 percent, compared to a decline of 4.4 percent in the first quarter last year.
In January, the company posted its first sales growth for 2 years in the last quarter of 2013.
Greggs said early in 2013 that it planned to return to growth via its core "food-on-the-go" business - selling sandwiches and hot pastries - and abandoned a previous strategy to build cafes and supply third parties.
"Market conditions remain highly competitive but we are encouraged by the performance in the year to date," the company said, adding that it expects to deliver a good first half outcome.
"The second half is likely to be more challenging as we come up against relatively stronger sales comparables and likely cost inflation. Overall we expect to deliver satisfactory financial results for the year."
The company also said total sales over the period rose 4 percent and that it opened 20 new shops and closed 28. It made 1.4 million pounds ($2.36 million) from property sell offs.
