Greggs enjoys strong fourth quarter growth
Bakery chain Greggs increased its company managed shop like-for-like sales by 6.4% in its fourth quarter as it marked its thirteenth consecutive quarter of growth.
Sales over the Christmas period were particularly strong, aided by a favourable trading pattern.
The company said its new ‘Balanced Choice’ bakes proved very popular along with hot food options such as its new burritos.
The results mean that company managed shop like-for-like sales climbed by 4.2% in the 52 weeks to 31 December. Total sales rose by 7%.
During the year Greggs opend 145 new shops and closed 79 to leave a total 1,764 shops trading as at 31 December. It also converted a further 208 shops to its new “bakery food-on-the-go” format.
Greggs chief executive Roger Whiteside said: “We finished 2016 well, delivering our thirteenth consecutive quarter of like-for-like sales growth, and anticipate that we will report full year results for 2016 slightly ahead of our previous expectations.
“In the year ahead, whilst we will undoubtedly see a number of well-documented industry headwinds, we are confident we will continue to make progress with the implementation of our strategic plan, including significant investment in our capability to supply a growing shop estate.”
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