Greggs boosted by strong fourth quarter trading
Greggs has posted a strong uplift in fourth quarter sales despite the impact of bad weather and transport strikes in the period.
In the three months to 31 December, like-for-like sales in company managed shops increased by 18.2% which meant there was a 17.8% uplift across the retailer’s full year. Meanwhile full year total sales rose by 23% to £1.51 billion.
Greggs said it benefited from strong demand for seasonal lines such as sweet mince pies and festive hot drinks in the fourth quarter. It also revealed that plant-based foods are contributing more significantly to its range over time.
At 31 December, Greggs had a total of 2,328 shops trading after opening 186 stores during the year and closing 39.
Roisin Currie, chief executive, said: “We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK. While market conditions in 2023 will remain challenging, our value-for-money offer of freshly-prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”
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