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Greggs Share Price Falls 4.59% on New Job Cuts Plan

Simon Mugo trader
Updated 29 Sep 2020

Practice Stock Trading

Shares of Greggs plc (LON: GRG) today fell 4.59% after the British bakery chain unveiled plans to minimise job losses as the government furlough scheme ends in October.

The company said that it intends to slash the number of hours worked by its employees in line with the new business support measures announced by the British government last week.

The bakery chain also announced that it would restart its store openings with at least 20 new stores being opened this year despite the uncertain trading conditions created by the coronavirus pandemic.

The company reported that trading in September has improved significantly over August, but was still 76.1% of the figures reported during a similar period last year.

August was a much slower month for the company as it marked the end of the Eat Out to Help Out scheme, but demand has since picked up in the four weeks to September 26th.

Greggs share price

Tradingview chart of Greggs share price 29092020

Greggs shares today fell 4.59% to trade at 1163p having ended Monday’s session trading at 1219p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading