Greggs chain makes record profits

Bakery chain Greggs has reported record profits of £52.2m for 2010, helped by the addition of extra stores and refurbishments.

Profits were up by 7.9% from a year ago, although same-store sales, which strip out the effects of new stores, were up by just 0.2%.

Greggs said it had carried out a record number of store openings and refits.

The chain is the UK’s largest of its kind and has almost 1,500 outlets, 68 more than in 2009.

It plans to add another 80 this year.

However, the company’s statement warned that 2011 would see “further pressure on consumer spending and rising global commodity prices”.