Greencore sandwich maker sees massive slide in sales as office workers stay at home in lockdown

Supermarket sandwiches and ready meals giant Greencore today said the current lockdown was hitting trade as fewer office workers snapped up its wares.

So-called “food to go” sales are currently down more than a third on last year, with the figures worsening in recent weeks from the 22% declines seen in October to December.

Overall group revenues for that quarter were down about 20% on the previous year, although the group said the impact on “food to go” had not been as bad as it had been during the first lockdown.

It stressed it was still set to make an underlying quarterly profit.

Greencore raised £90 million earlier through a share placing and revised its debt financing agreements with its banks to tide it over through the pandemic.

Revenues for the quarter were down 15% to £312.7 million with food-to-go down nearly 22%.

Other convenience foods did better, slipping 2% to £124.1million.

Looking ahead, Greencore said revenues were still trading 20% below last year’s levels after the 4 January lockdown changes.

Due to the continuing uncertainty around Covid restrictions, it continued to hold back on providing any guidance for its expected profits for the rest of its financial year.

Chief executive Patrick Coveney said: “Although the difficult trading conditions are likely to persist in the near term, we remain confident that demand for our food to go categories will recover strongly as the effects of COVID-19 recede and mobility restrictions are removed.”

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