Greggs makes good start to year
Food-to-go retailer Greggs has said it traded well in the first 19 weeks of 2022 with like-for-likes in company managed stores up 27.4% year-on-year.
Total sales in the period came in at £495 million compared to £378 million a year earlier.
The company said sales levels in larger cities and in office locations continue to lag the rest of its store estate, although shops in transport locations have shown a marked increase in activity in recent weeks.
Greggs said sales of hot food and snacks have been particularly strong, with chicken goujons and potato wedges proving very popular.
During the period, the company opened 49 new shops, including 18 with franchise partners. Recent openings include a number sites in retail parks and new travel-based units at Birmingham and Liverpool airports. This meant there was a total of 2,224 shops trading at 14 May.
Greggs said trading levels are in line with plan and that its expectations for its full year remain unchanged, although cost pressures are increasing.
The company added: “We have made a good start to 2022, with sales in line with our plan and a strong pipeline of new shop acquisitions ahead. Looking ahead, market-wide cost pressures have been increasing and consumer incomes will clearly be under pressure in the second half of the year. We will continue to work to mitigate the impact of cost pressures whilst protecting Greggs’ reputation for exceptional value.”
