Gregg's Plc.

Gregg's Plc.

Gregg's Plc.

Introduction

Greggs is running its bakery that provides fresh bakery items to its customers. It is one of the leading retailers in United Kingdom. The company currently has 20,000 employees and has more than 6 million customers. Gregg is running its business through operating 10 regional bakeries and has more than 1500 retail shops in entire United Kingdom. The main aim of the owner of the company is to provide the best quality products to its customers in order to create value. Gregg's business is growing too fast and has ability to expand further in the future.

Vision

Being the best in bakery, the vision of Greggs is to be number 1 in savouries and sandwiches from a united team.

Values

Greggs is supportive and enthusiastic for what they do in their relationships with staff, shareholders and customers. In addition, Greggs is appreciative, honest, open and treating everyone with the respect and fairness. Derek Netherton (2011) stated that Greggs has performed well in the year of 2011 at the challenging time for the economy and the consumer. Greggs is devoted to making a good progress towards opening number of shops across the UK and achieving its strategic objectives by investing in two major bakeries in Cumbria and Newcastle.

Financial Performance

Gregg's financial performances over the years have remained satisfactory, as they have been able to increase their sales by controlling the cost of the product. The company's sales have increased from £662 million from £701 million in 2012 and its profits have increased by 5.8% as compared to the previous year. The company has maintained balance in order to respond to the inflationary conditions in the country.

Prospects of Greggs

It is also an expectation of Greggs that the year of 2012 will be challenging for the UK consumers and believed that is to be well placed in the position and delivering the further progress. Greggs has started to continue for opening around 90 different shops and developing new more channels to market. As a result, there will be further cost savings and offer substantial opportunities for profitable growth in the long term. Ultimately, it will create 800 new retail jobs. As Greggs expected that there is a slow start in 2012 but due to the Christmas and New Year holiday, it has accelerated the sales growth at the close of 2011. In the next year i.e. 2012, the entire sales will be increased due to the opening of 90 new shops and around 700 to 800 new jobs will be created. It will enable Greggs to access their news consumers across the UK (www. corporate.greggs.co.uk).

Financial Reporting

The financial reporting of the firm is done on the basis of four key principles; reliability, compatibility, understands ability and relevance. The following financial statements of the firm have covered these four principles while presenting the financial information of the firm for the years of operations. The information shown in the income statement, balance sheet, changes in equity and cash flow statements of the firm are reliable, relevant, can ...