Greggs to open up to 160 new stores as it posts strong full year sales
Food-to-go retailer Greggs said it plans to open between 140 and 160 new shops in 2024 as it reported that total sales increased by 19.6% to £1.809 billion in the year to 30 December.
Company-managed shop like-for-like sales rose by 13.7% in the year following growth of 9.4% in its fourth quarter.
The company said the like-for-like performance was driven by the popularity of its brand as it further develops its range and makes it easier for customers to shop through digital channels and extended trading hours.
By the end of the financial year, Greggs had rolled out its delivery service to 710 shops with Uber Eats, alongside the existing service offered with Just Eat. In addition, it opened a record 220 stores.
Greggs said its pipeline of new shop opportunities remains strong as it looks ahead to the launch of between 140 and 160 net new stores in 2024.
Roisin Currie, Greggs chief executive, said: “2023 was a year of further progress by Greggs. I am proud of our teams, who did a fantastic job serving more customers as we continue to grow our shop estate and offer greater availability through digital channels and extended trading hours.”
Greggs is currently commissioning a fourth production line at Balliol Park in Newcastle which will provide significant additional manufacturing capacity for its savoury rolls and bakes. It is also expending its logistics capacity at its Birmingham and Amesbury distribution centres, both of which are due to come on stream later in 2024.
Currie said: “We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet. Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead.”