Greggs Plc reported an 18% plunge in pretax profit last year, falling to £167 million ($223 million), as the UK's largest bakery chain grapples with weakening consumer demand. The company, known for sausage rolls and steak bakes, disclosed the drop in its Tuesday statement, which included a restated VAT figure. While like-for-like sales rose 1.6% in the first nine weeks of 2026, this marked a significant slowdown from the previous year's pace.

The results triggered a 3.9% decline in the company's London-listed shares, which have already lost over a quarter of their value in the past twelve months. Chief Executive Roisin Currie faced scrutiny last year as Greggs became the most-shorted UK stock, defending its aggressive expansion plan to reach over 3,000 UK shops, including adding 120 new locations this year. Shore Capital analyst Darren Shirley bluntly stated there's 'little to shout about' in the results, with sales slowing so far this year. Greggs anticipates flat profit for 2026, contingent on a broader improvement in consumer spending. The company also flagged a £4.5 million provision for a historic VAT understatement identified and reported to UK tax authorities during the year.