Shares in bakery Greggs have wilted like a soggy sausage roll this morning, sliding 9 per cent to the foot of the FTSE 250 despite the company reporting an “excellent” year, albeit with a bit of a slowdown in growth in the fourth quarter.
The company clocked in with a 4.7 per cent rise in like-for-like sales during the year, as it provided customers with a broader range of choice, even extending the offering to healthier foods, and promising to boost its range of posh coffee. Stores are undergoing a revamp too.
But the promise of flat white coffees wasn’t enough to convince shareholders, it seems.
The shares slumped to a three-month low, taking losses in the first two weeks of this year past 15 per cent.