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Greggs makes full year progress despite difficult trading conditions

Greggs said sales in the year to 1 January 2022 rose by 5.3% to £1.23 billion compared to pre-pandemic times two years ago. Across 2021, two-year… View Article

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Greggs makes full year progress despite difficult trading conditions

Greggs said sales in the year to 1 January 2022 rose by 5.3% to £1.23 billion compared to pre-pandemic times two years ago.

Across 2021, two-year like-for-like sales in Greggs’ company-managed shops were 3.3% lower than in 2019, although fourth quarter sales edged up  0.8% following a strong performance in October. However, trading was subsequently impacted by more challenging conditions after the emergence of the Omicron variant. Greggs said its fourth quarter was also disrupted by staffing and supply chain issues.

During the year, the company opened 131 new shops and closed 28 which meant its estate stood at 2,181 shops as of 1 January 2022.

Greggs chief executive Roger Whiteside said: “Greggs has made great progress in 2021 despite tough trading conditions. Our teams across the business have done a magnificent job coping under difficult circumstances and, to recognise their hard work, we have brought forward the planned 2022 pay awards .

  We enter 2022 with a strong financial position that will support our ambitions to accelerate the rate of growth in our shop estate whilst developing new digital channels and extending the trading day. Whilst conditions in the first few months of 2022 are likely to remain challenging, we are confident that we are well placed to make progress on the many attractive opportunities that lie ahead.

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