Greggs posts strong quarterly growth
Greggs saw its total sales rise by 14.6% year-on-year in its third quarter after it benefited from more shoppers seeking out lower priced food during the cost-of-living crisis.
On a like-for-like basis, sales were up 9.7% in company-managed shops in the 13 weeks to 1 October, although growth moderated in August due to fewer people taking staycations compared to the summer of 2021.
The company said: “Greggs continues to trade well in an environment where cost pressures are significant and our outstanding value-for-money positioning is ever-more important to consumers.”
Greggs has opened 106 new shops in the year-to-date and is expecting to have around 150 net shop openings in 2022. New shops launched in the quarter included two ‘drive thru’ sites in Amesbury and Durham and railway locations at Tottenham Hale and London’s Liverpool Street station.
Looking ahead, Greggs said it currently anticipates that its full year results will be in line with previous expectations despite the considerable uncertainty surrounding the UK economy.
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