Greggs sales boosted by menu development and extended trading hours
Greggs has increased its total sales by 10.6% in its third quarter as it continues to expand its store estate.
With company-managed shop like-for-like sales up 5% in the 13 weeks to 28 September, the food-to-go retailer said the growth was boosted by menu development, extended trading hours and new digital channels.
In the year to date, Greggs has opened 152 new shops, closed 66 and relocated 43 to give a total of 2,559 shops trading at 28 September.
It is now on track to open between 140 and 160 net new shops in 2024, including around 50 relocations. Openings in the third quarter included two drive-thru sites in Bristol at Abbeywood Retail Park and Harlequin Business Park.
Due to increased forward buying cover, Greggs now expects its overall level of cost inflation for 2024 to be towards the lower end of its previously guided 4% to 5% range.
Looking ahead, the company said: “Whilst acknowledging ongoing economic uncertainty, the board expects the full year outcome to be in line with its previous expectations.
“The board remains confident in the long-term growth opportunity for Greggs, and we are investing to support that growth.”
