Shares in Greggs jumped 11% after the bakery chain reported first‑half profits up almost a fifth, defying investor fears that the UK had hit “peak Greggs”. The London‑listed company posted a pre‑tax profit of £76mn for the six months to 27 June, up from £63.5mn a year earlier and a return to the level last seen in 2024. Like‑for‑like sales at company‑managed stores rose 2.1 % – down from 2.6 % in the same period in 2025 – in what the firm called a “challenging market”.

Greggs was one of the UK’s most shorted stocks ahead of the earnings report, with short positions equivalent to 13.88 % of the outstanding shares. Short positions peaked in January when a quarter of its shares were lent out. The chain had 2,773 outlets as of 27 June. CEO Roisin Currie said the company remains focused on opening shops in more catchments and innovating its menu in line with changing tastes. It plans to open 100–110 net new shops in 2026, including some in its smaller “bite‑size” format, and sees a clear opportunity for at least 3,500 outlets nationwide.

The retailer also reported strong growth in its retail segment after the “Bake at Home” range, first introduced at supermarket Iceland in 2011, was rolled out in Tesco stores last September. RBC Capital Markets analyst Ross Broadfoot noted that like‑for‑like sales growth had been driven by higher prices, while sales volumes dropped an estimated 2 % amid heatwaves that temporarily closed some shops.