Shares in Greggs were up on the FTSE All Share after the bakery chain said it had a "record Christmas week" last year.

In the five weeks to 8 January Greggs said its total sales increased 3.5 per cent, while like for like sales rose 0.6 per cent. In Christmas week alone total sales jumped 19.6 per cent and like for like sales rose 16.0 per cent, thanks to strong sales of coffee and mince pies.

In the full year to 1 January 2011 total sales were up 2.2 per cent and like for like sales climbed 0.2 per cent.

The company said that last year it opened a record net 68 new stores, taking its total number of stores to 1,487.

Ken McMeikan, Chief Executive of Greggs, said, "I am very pleased with both our record Christmas week sales and our new shop opening programme, particularly considering how difficult the trading conditions on high streets were in the run up to Christmas.

"I can't speak highly enough about our people both for the smooth handling of our expansion programme and for the remarkable dedication that they have shown in keeping our shops open and our supply chain functioning during the exceptionally bad weather during November and December.

"Despite the impact of the snow, we anticipate reporting full year results in line with expectations when we make our preliminary results announcement on 16 March 2011. The consumer environment in the year ahead is likely to continue to be challenging but we remain well positioned to make further progress in 2011 and expect to open around 80 net new shops, creating more than 700 new jobs."

By 10:55 shares in Greggs were up 3.40 per cent on the FTSE All Share to 464.90 pence per share.