Greggs celebrates ‘exceptional’ year
Greggs has said its full year underlying pre-tax profit is expected to slightly higher than forecasts following strong sales growth throughout 2019.
In the 52 weeks ending 28 December, total sales climbed by 13.5% while company-managed shop like-for-like sales increased by 9.2%.
The retailer said the growth was a result of an increase in customer visits, strong demand for its traditional ranges and the popularity of its vegan-friendly sausage rolls.
Greggs opened 138 new shops and closed 41 to leave 2,050 shops trading at the end of the period.
Roger Whiteside, Greggs chief executive, said: “The major investments we have made in recent years to make Greggs an attractive choice in the food-on-the-go market are delivering. Consumers are responding very positively, and we have seen increasing visits from both new and existing customers.”
As a result of what it described as an exceptional year, Greggs said its staff will share in a one-off payment costing £7 million which will be paid at the end of January.
Looking ahead, Whiteside said: “We face strong sales comparatives and cost inflation headwinds present a challenge. However, with strong momentum in the business we see further growth opportunities across a number of channels as we invest in new ways to make Greggs more accessible and convenient for customers.”
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