Greggs has reported a strong full-year performance after making “good strategic progress” and record store openings.

Total sales climbed 23% last year to reach £1.5bn, while like-for-likes in company-managed shops were up 17.8% year on year and pre-tax profit rose by 1.9% to £148.3m.

The retailer opened a record 186 new shops and closed 39, expanding its estate to 2,328 shops by the end of 2022.

Greggs is targeting 150 openings in 2023 and will continue to expand its presence in retail parks and transport hubs such as railway stations.

Greggs is operating delivery services from 1,270 of its shops, accounting for 5% of overall sales, while its app delivered a rise in new users to 1.1 million year on year in the fourth quarter from 400,000.

Like-for-like sales in company-managed shops were up 18.8% in the first nine weeks of the new financial year, in line with the retailer’s expectations.

Greggs chief executive Roisin Currie said 2022 had been “a year of strong progress, the result of committed efforts to deliver our strategic growth plan. The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers.

“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on the go.

“We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well placed to realise the opportunity to become a significantly larger, multichannel business.”

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