Greggs has reported an increase in sales and profits following “strong trading momentum” in its first half of the financial year and has maintained its full-year guidance.

The food-to-go retailer posted pre-tax profit of £80m for the 26 weeks to July 1, 2023, up from £55.8m during the same period last year.

Greggs also reported a 21.5% jump in total sales from £694.5m to £844m for the period, while like-for-like sales increased 16% year on year.

Greggs credited its first-half performance to the growth and development of its store estate as it opened 94 new stores during the trading period and said it has a “strong pipeline of good opportunities” with expectations to open 150 net new shops this year.

The retailer also attributed its success to the expansion of its evening trade, which reflected 8.3% of the company-managed shop sales, up from 6.5% in the first half of 2022.

Greggs said the investment into its supply chain had also started to pay off following the redevelopment of its Birmingham distribution centre with the extension of its Amesbury distribution centre set to commence during the second half of the year.

In terms of outlook, Greggs said it will continue to trade in line with its plan and expectations for the full-year guidance remain unchanged.

The retailer said that the rate of cost inflation has “started to ease” and it expects this to continue during the second half of the year.

Greggs chief executive Roisin Currie said: “Greggs’ strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.

“In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs app.

“Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multichannel business.”