Greggs hits £2 billion in annual sales
Greggs has reported strong increases in full year sales and profit with sales exceeding £2 billion for the first time.
In the year to 28 December, total sales climbed by 11.3% to £2.014 billion with company-managed shop like-for-like sales rising by 5.5% year-on-year.
Meanwhile, underlying pre-tax profit increased by 13.2% to £189.8 million. Including exceptional gains, pre-tax profit for the year increased to £203.9 million from a prior £188.3 million
Greggs said evening trade was its fastest growing daypart with sales accounting for 9.% of company-managed shop sales compared to 8.5% in 2023.
The retailer continued expand its store footprint away from traditional high street locations in the period. There were a record 226 new shop openings in 2024 with 28 closures and 53 relocations to take the total store estate to 2,618 shops as at 28 December 2024.
Greggs is now aiming for 140 to 150 net openings in 2025, including 50 relocations, as it works towards a target of more than 3,000 UK shops over the longer term.
Roisin Currie, Greggs chief executive, said: “2024 was another record-breaking year for Greggs; we exceeded £2 billion in sales for the first time and opened our 2,600th shop.
“Our people have worked tirelessly to deliver on our strategic ambition to further establish Greggs as a multi-channel food-to-go retailer and I want to acknowledge their efforts.
“It is thanks to their hard work, week after week, that we continue to grow, all the while maintaining the great prices, high-quality products, and friendly service that keep our customers coming back, again and again.”
Giving an update on current trading, Greggs said like-for-like sales in company-managed shops increased by 1.7% year-on-year in the first nine weeks of 2025, despite “challenging” weather conditions in January.
Looking ahead, Currie added: “In 2021, we set our sights on doubling sales by 2026 and having a significantly bigger business over the longer term. Three years into this five-year plan, sales are on track and we continue to be confident in the growth opportunity in front of us.
“The brand is in better shape than ever, with a material opportunity to continue growing and developing the Greggs estate and plenty of scope to continue to grow in newer dayparts and channels.”
