Greggs posts 27.1% increase in first half sales as it appoints new chair
Greggs has posted a 27.1% increase in first half sales as it announces the appointment of Matt Davies as its new chair.
However, pre-tax profit in the six months to 2 July was flat at £55.8 million which the food-to-go retailer said was primarily due to the re-introduction of business rates, an increase in VAT and higher levels of cost inflation.
During the half year, Greggs opened 70 new shops and closed 12 to leave a total of 2,239 stores at the period end. It also made its offering more accessible to customers with extended trading hours and introduced new products focused on healthier choices, hot food and evening daypart.
Roisin Currie, Greggs chief executive, said: “Greggs delivered an encouraging performance in the first half of the year with sales ahead of 2019 levels. These results demonstrate the continued strength of the Greggs brand and demand for our great tasting, quality and value for money offering.
“We are well positioned to navigate the widely publicised challenges affecting the economy and continue to have a number of exciting growth opportunities ahead, with a clear strategy for expansion. We remain confident in Greggs’ ability to deliver continued success.”
Greggs has also also announced that Matt Davies has been appointed as chair designate to succeed Ian Durant.
He has joined the Greggs board with immediate effect, but will be appointed as chair on 1 November when Durant will step down.
Davies is a former chief executive of Tesco UK & Ireland, Pets at Home and Halfords. In addition, he chaired N Brown Group from 2018 to 2021, and was on the board of Dunelm from 2012 to 2015. He is currently chair of private equity-owned Hobbycraft.
Durant said: “Greggs has undergone a transformation over the past decade and I am proud to have contributed to its achievements as chair. Greggs has entered a new era, now under Roisin Currie’s leadership, and the business is in great shape with a clear strategy. I welcome Matt Davies as my successor as chair and wish him well.”
