‘Peak Greggs’? Bakery chain’s profits slump and sales slow

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Greggs has reported a slump in profits as it bemoaned “challenging” market conditions hitting consumer confidence and disposable income, amid pressure to prove the UK has not hit “peak Greggs”,The high street bakery chain, known for its sausage rolls and steak bakes, said statutory pre-tax profits fell by 17,9% to £167,4m for the year to 27 December, compared with a year earlier,Total sales rose by 6.

8% to £2.15bn over the year.It also reported a slowdown in sales growth over the start of the new year.Sales at established stores rose 1.6% over the first nine weeks of 2026 and total sales were up 6.

3% on the back of store openings.Over the past year, Greggs has come under pressure from cautious shoppers affected by the rising cost of living and higher tax and labour costs, and the growing use of weight-loss treatments.Its chief executive, Roisin Currie, said last year: “I absolutely don’t believe we have reached peak Greggs,” adding that the company had previously bounced back from downturns.On Tuesday, she said easing inflation had dampened sales growth.She said she still thought the UK was “moving into a lower inflationary environment that should give respite to the consumer”, despite signs of grocery inflation creeping back up and the threat of conflict in the Middle East further pushing up energy prices.

Greggs had agreed a price for its energy up front so it would be protected from any price rises caused by the conflict until 2027, she said.She predicted that the business would face inflation of about 3%, about half the level in the previous year, with a drop in its business rates bill after adjustments by the government in the autumn budget but rising wage costs as the legal minimum wage increases.The business, which employs more than 33,000 people, said it had been resilient in the face of a difficult market.“We find it challenging and the consumer finds it challenging,” Currie said, as households’ disposable income remained under pressure from high energy and food costs.Despite falling profits, Greggs paid out a £20m profit-share bonus to staff who had worked for the business for more than six months – an average of £800 for someone on a typical 30-hour contract.

Currie said that figure was similar to last year.“The year-on-year profit position reflected challenging market conditions, compounded by the spell of particularly hot weather that had a material impact on footfall and consumer behaviour,” it said.Greggs said it had 121 net store openings in 2025, expanding its shop estate to 2,739 locations by the end of the year.It is targeting about 120 further openings this year as it highlighted ambitions to grow to “significantly more than 3,000 UK shops over [the] longer term”.Sales growth was also supported by more deliveries and shops staying open into the evening.

Analysts were split on the long-term prospects for Greggs.A Shore Capital analyst, Darren Shirley, said there was “little to shout about as trading slows”.Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, said: “Despite the challenges, Greggs is working hard to build the foundations for future growth.“Menus are being adapted to changing customer preferences, and shops are staying open later to cash in on more evening customers – the group’s fastest growing day-part.”
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Rukmini Iyer’s quick and easy recipe for chard borani soup with yoghurt, crispy garlic and beans | Quick and easy

I am emphatically not a dip person (see also: salad), but the first time I tried chard borani, a Persian dip made with chard and yoghurt, I became so obsessed that we’ve been having it on repeat at home ever since. Today, I’m sharing my soup version, thickened with beans and topped with crisp garlic and brown butter. It’s perfect served with flatbreads, and takes just minutes to put together: a homage to the excellent original.If you’re making this in advance, reheat it very gently so as not to split the yoghurt.Prep 15 min Cook 30 minServes 3-42 tbsp olive oil 1 large onion, peeled and roughly sliced2 garlic cloves, peeled and finely grated400g rainbow or Swiss chard, stems roughly chopped, leaves roughly sliced2 tsp sea salt flakes 1 400g tin haricot beans, drained and rinsed (260g drained weight)Juice of ½ lemon150g natural or greek yoghurt, at room temperature , plus extra to serve For the crisp garlic butter 40g salted butter2 garlic cloves, peeled and finely sliced2 tsp aleppo pepper (optional)Heat the oil in a large, wide-based pan, add the onion and stir-fry on a medium to high heat for five minutes

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How to make the perfect bara brith – recipe | Felicity Cloake's How to make the perfect …

Bara brith, the traditional Welsh fruit loaf whose name means speckled bread, is, as Ben Mervis notes, not dissimilar to Yorkshire brack, Irish barmbrack and Scottish “kerrie loaf” – the last is a new one on me, though, of course, I’m more than familiar with how well they all pair with strong tea and cold salty butter. According to food writers Laura Mason and Catherine Brown, they were originally known as teisen dorth in south Wales, and they date the recipe to no earlier than the beginning of the 20th century. However, the digitising of records since their book Food of Britain was published in 1999 allowed me to find a reference to it being eaten before school examinations in Bala, Gwynedd, in Seren Cymru from 1857. (Pen Vogler notes that “anything made with flour, however, is likely to be relatively modern, as wheat was too unreliable to be a staple in wet, upland Wales.”) There’s no reason to doubt the pair’s claim that bara brith was originally made from excess bread dough, but I think it’s good enough to need no such excuse

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Breakfast at Pavyllon, London W1: ‘Does fine dining strictly have to wait until lunchtime?’ - restaurant review | Grace Dent on restaurants

Now that gen Z is eschewing booze and all-night raves, are we moving into a hospitality era when the big posh breakfast might well be the main event?For 5am Club people such as myself, who love to be up, caffeinated and scribbling on Post-it notes pre-dawn, the Four Seasons’ recent launch of London’s first Michelin-starred breakfast is perfect. Now we can do all that over a £70, five-course tasting menu served at a counter in a genteel, pastel-shaded dining room. If, that is, you can get a booking, in which case well done; otherwise, you could simply sit a little farther from the counter and order almost the same food off the normal breakfast menu, only without all the explanations.Regardless, chef Yannick Alléno is clearly doing the world a favour by luring all of us early risers to one room and distracting us with lobster flatbread and a bespoke “amuse juice”, because we are clearly some of the most annoying people on Earth. Have you ever heard one of my bumptious 5

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Benjamina Ebuehi’s recipe for coffee and walnut cookies | The sweet spot

When it comes to British cakes, coffee and walnut is such a staple that if there isn’t one present at a bake sale or coffee morning, I’ll raise an eyebrow. I’ve taken the classic combination and put them in a cookie for something fun and quicker to make. Full of toasty walnuts and a hit of that very nostalgic instant coffee flavour, I finish them off with a white chocolate button as a nod to the sweet, creamy icing.Prep 5 minChill 2 hr+ Cook 55 min Makes 1080g shelled walnuts 140g unsalted butter 1½ tbsp instant espresso powder 100g dark brown sugar 75g caster sugar 1 large egg 150g plain flour 80g porridge oats ½ tsp bicarbonate of soda ½ tsp flaky sea salt 10 white chocolate buttonsHeat the oven to 180C (160C fan)/350F/gas 4. Put the walnuts in a single layer on a small baking tray and roast for 10-12 minutes, until toasty

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Bitter-sweet symphony: vermouth is more than just another cocktail ingredient

I like to think of vermouth as the Nile Rodgers of drinks, a backbone of good times known more for big hit collaborations than for its solo work. It is a foundation of any self-respecting cocktail cabinet (though it should be kept in the fridge), and also a family of drinks with many individual talents, which are now at long last being more widely recognised – Waitrose’s most recent Food & Drink report even touted vermouth as a 2026 trend, with searches for the stuff up by 26%.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

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The bubbling beauty of baked pasta

The other day, I climbed the communal stairs and opened the front door to the smell of cheese on toast. A welcome aroma made even more welcome when I realised that it was actually the tips of pasta tubes turning golden among grated cheese and creamy bechamel sauce. To add to the pleasant scene, my partner, Vincenzo, was washing up. Because that is the thing about pasta al forno – baked pasta – the time between finishing the construction and the eating is around about 25 minutes. That is, exactly the right amount of time to wash up and wipe up, or delegate those tasks to someone else while you make a salad and open a bottle of wine