Greggs has posted solid like-for-like sales growth driven by ‘strong strategic progress’ and its store expansion programme.
Like-for-like sales at the retailer climbed to £609m, up 17.1% for the first 19 weeks of 2023, and like-for-like sales in the 10 weeks to May 13 averaged 15.7%.
Greggs opened the doors to 63 new shops during the period, including 25 franchises, with its latest openings in Canary Wharf Station and Glasgow and Cardiff airports, demonstrating its push into travel centres.
The retailer said the pipeline for store openings in the remainder of the year was strong and it had closed 26 shops in the year to date giving it a 2,365-strong estate as of May 14.
Greggs said progress at its new Birmingham and Amesbury distribution centres was underway and expected to be operational in the second half of 2024.
The retailer said in a statement: “We have made a good start to the year with sales in line with plans and continued progress on our strategic initiatives. Looking ahead, whilst we expect the macro backdrop to continue to be challenging, we are confident in making further progress.
“Although we expect to see ongoing material cost inflation, we have good forward cover on key commodities. Consumer disposable incomes are likely to stay under pressure, but we remain confident that our outstanding value proposition continues to be compelling.”
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