Greggs boosted by strong sales growth as it eyes a target of “significantly more” than 3,000 stores
Greggs enjoyed strong trading in 2022 with total sales surging by 23% year-on-year to £1.5 billion.
The food-to-go retailer also posted like-for-like sales growth of 17.8% as its pre-tax profits edged up 1.9% to £148.3 million. Trade was boosted by longer opening hours and the popularity of the retailer’s pizzas and chicken goujons.
Roisin Currie, Greggs chief executive, said: “2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan. The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers. Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on-the-go.”
During the period, Greggs opened a record 186 new shops to take its total estate to 2,328 at 31 December. This included expanding its presence in retail parks, Central London and key transport hubs, with shops opening in Leicester Square, Liverpool Street Station and Birmingham and Liverpool airports.
The company is now aiming to have 150 net openings in 2023 and sees a clear opportunity for “significantly more” than 3,000 UK shops in time.
Giving an update on more current trading, Greggs said like-for-like sales in company-managed shops were up 18.8% in the first nine weeks of 2023, which was in line with expectations.
Currie added: “We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multichannel business.”
