Greggs makes good first half progress
Greggs has posted first half uplifts in both sales and profits as it continues to launch new stores and broaden its food range.
In the six months to 29 June, total sales rose by 13.8% to £960.6 million while underlying pre-tax profit before exceptional items climbed by 16.3% to £74.1 million.
Meanwhile, company-managed shop like-for-like sales increased by 7.4%.
Roisin Currie, Greggs chief executive, said: “Greggs has made good progress in the first half of the year, further broadening our range of on-the-go food and drink whilst making it more accessible to more customers.
“Our success is founded on the exceptional value that Greggs offers to customers looking for food and drink on-the-go and the fast and friendly service delivered by our colleagues.”
New shop openings and distribution centre
During the period, the company opened 99 new shops, including 30 relocations, and is on track to deliver 140 to 160 net new shop openings in 2024. It also exchanged contracts for the purchase of a 25-acre plot of land at Symmetry Park in Kettering where a new national distribution centre will be built.
Menu development
Greggs said its menu development is supporting growth across all dayparts and channels, particularly its over-ice drinks range and dedicated pizza deals. Now available in 500 shops, the company’s Mango and Strawberry Cooler and Strawberries and Cream Refresher have been particularly successful and will be introduced in a further 200 shops this year.
Looking ahead, Currie added: “Our cost outlook for 2024 remains unchanged and we continue to trade in line with our plan. The board remains confident in the long-term growth strategy, and we are investing to support that growth.”
