Greggs beats strikes and bad weather to post strong seasonal sales

Greggs reported a like-for-like sales advance at company-owned shops of 18.2% in its fourth quarter, including the Christmas period.

In the full year to December 31, like-for-likes rose 17.8% and total sales were up 23% to £1.51bn. 

Greggs said the performance was achieved “despite the impact of adverse weather and strikes at the end of 2022” and reaffirmed profit expectations, although it envisages “material cost inflation in the year ahead”.

The business said the results “reflected a favourable trading pattern leading into the Christmas period and softer trading conditions in the comparable quarter of 2021 as a result of disruption caused by the Omicron variant of coronavirus”. It added that there was “high demand” for seasonal products such as its festive bake.

Greggs chief executive Roisin Currie said: “I am proud of the progress Greggs made during 2022 in challenging conditions. Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, while continuing to extend our menu to offer more choice.

“We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK.

“While market conditions in 2023 will remain challenging, our value-for-money offer of freshly prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”

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