from the level of last year (5.5) to 5.9 (UK 6.9). Whiteside is retiring in May after eight years at the helm and will be succeeded by retail director Roisin Currie. Secondary-aged boys were reading easier books than last year, but did not improve comprehension. It also plans to extend evening trading to 500 shops in 2022 and expand a delivery service with Just Eat (TKWY.AS). It opened a net 103 new shops in the year, taking the total to 2,181 as of Jan. The group said it started 2022 well, helped by the easing of pandemic restrictions, with like-for-like sales in company-managed shops up 3.7% compared to the 2020 level. Total sales were 1.23 billion pounds, up 5.3% on 2019, before the pandemic impact was felt. 1, versus a COVID-hit loss of 13.7 million pounds in 2020. Greggs made a record pretax profit of 145.6 million pounds ($191 million) in the year to Jan. The British franchisee of pizza chain Domino's (DOM.L) has hedged itself against rising wheat prices. Last month, Allied Bakeries-owner Associated British Foods (ABF.L), said it could be impacted by the higher price of wheat. "We'll keep things under review as the market develops," the CEO said. It raised prices for consumers at the beginning of 2022, but has not since. The company has five months forward cover on food and packaging costs and nine months forward cover on energy prices. However, given this dynamic, we do not currently expect material profit progression in the year ahead," Whiteside said. "As ever, we will work to mitigate the impact of this on customers. Greggs also faces higher staff costs due to April's government-mandated 6.6% increase in the minimum wage. Concerns over the impact of the invasion, which Russia describes as a "special operation", have driven wheat prices to multi-year highs. Russia and Ukraine account for 29% of the world's wheat exports. "All the proteins, all the cereals, all the oils - everything's going up in price," said Whiteside, noting food ingredients represent 29% of Greggs' total costs. Register now for FREE unlimited access to Register
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