FOOD retailer Greggs, which has an outlet in Skipton, has announced another solid trading quarter.

Total sales rose by 20.8 per cent, like-for-like sales rose by 14.2 per cent.

Charlie Huggins, Manager of the Quality Shares Portfolio at Wealth Club, said: "This is another solid performance from Greggs in a challenging economic environment, with little sign so far of consumers cutting back on sausage rolls and pasties.

"Greggs has continued to gain market share in a difficult environment which is mightily impressive. There is no doubt Greggs' brand is resonating strongly with the UK consumer and is in fine fettle. The cost of raw materials, energy and wages have risen rapidly over the last year, but encouragingly these cost pressures are now beginning to ease. This isn't just good news for profit margins but should also help underpin consumer demand by reducing the need for price increases.

"Overall, Greggs' performance so far this year is impressive. At the start of 2023 the outlook for Greggs looked extremely unsavoury. But the economy has held up better than expected and the group's execution has been excellent. With cost pressures easing, the business looks well primed for a return to profit growth in 2024."