Greggs posts strong first half growth following boost from evening trading
Greggs has posted a strong increase in first half sales and profit after reaping the benefits of evening trading and its expansion into travel hubs.
In the six months to 1 July, total sales grew by 21.5% to £844 million as company-managed shop like-for-like sales rose by 16%.
Meanwhile, underlying pre-tax profit, excluding exceptional items, climbed by 14.2% to £63.7 million.
Roisin Currie, Greggs chief executive, said: “Greggs’ strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.”
Greggs opened 94 new shops and closed 44 in the period to leave a total of 2,378 stores trading at 1 July. The openings included outlets in Glasgow and Cardiff Airports, as well as Shepherds Bush and Canary Wharf Underground stations, as the retailer continues to expand in travel locations.
The company also continued to grow its post-4pm sales which accounted for 8.3% of company-managed shop sales compared to 6.5% in the first half of 2022.
Giving an update on more recent trading, Greggs said the strong momentum it experienced in the first half has continued into the second,. which means its expectations for the full year remain unchanged..
Currie added: “Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multichannel business.”
