Greggs has posted booming profits and sales as market share reached an “all-time high” and the food-to-go retailer maintained its guidance for the 2024 financial year.
Greggs posted pre-tax profits of £188.3m for the 52 weeks to December 30, 2023, up from £148.3m in the previous year.
Sales during the full year were also up 19.6% year on year from £1.51bn in 2022 to reach £1.81bn, while like-for-like sales across its company-managed shops also jumped 13.7% year on year.
Greggs hailed the success of its evening trade initiative, which marked 8.7% of company-managed shop sales during the second half.
More than 1,200 Greggs stores are now offering food until 7pm or later, with hot chicken goujons, potato wedges and pizzas “selling well”.
Greggs added that its market share has reached an “all-time high” with an 8.2% share of total food-to-go visits. Breakfast visits during the year increased to 19.6%,
Greggs opened 220 new stores during the year, growing the store estate to a total of 2,473 as of December 2023.
Bold ‘double sales’ ambitions
With an eye to its supply chain, Greggs confirmed the opening of two new “state-of-the-art” facilities to support its expansion strategy in Derby and the Kettering/Corby area.
Looking forward, Greggs confirmed no changes to its previously pledged expectations for 2024 and said it remains “confident” in delivering another year of “good progress”.
Greggs chief executive Roisin Currie said: “Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels.
“Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan.
“We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”
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