Sausage roll king Greggs is losing battles, but winning the war, says analyst

Greggs PLC (LSE:GRG) is gaining ground on its competitors even as its sales volumes disappoint, according to RBC Capital Market, which sees the current weakness as cyclical rather than structural. The baker's recent trading update showed like-for-like sales growth of just 1.6% at the start of 2026, with pricing of around 4% implying volume declines of 2.5%.