"Greggs continued to outperform the market and has delivered an improved sales performance and strong cost control through the first half of 2026, resulting in profitable growth," said chief executive Roisin Currie.

DB expects Greggs' profit growth to reverse sharply in the second half, reiterating a Sell rating and 1,330p price target against a last close of 1,560p.

The bakery chain's long-serving finance chief will hand over to a former Bakkavor CFO at the start of 2027.

Equity analyst Aarin Chiekrie points to a 7.5% sales rise to £800mn in the first 19 weeks and argues that improving sales and tight cost control leave full-year profit guidance intact.

The UK bakery chain said like-for-like sales have improved in 2026 and total sales for the first 19 weeks rose 7.5% to £800m, while the board left full-year expectations unchanged.