Greggs posts surge in annual sales and profit
Greggs has posted a surge in annual sales and profit as it hailed a year of rapid growth.
In the year to 30 December, total sales climbed by 19.6% to £1.81 billion while like-for-like sales in company-managed shops rose by 13.7% year-on-year.
Meanwhile, pre-tax profit surged to £188.3 million from a previous £148.3 million. On an underlying basis, pre-tax profit excluding exceptional income increased by 13.1% to £167.7 million.
During the period, Greggs opened a record 220 new shops and closed 75, which meant its store estate stood at 2,473 at the end of the period. It also continued to expand partnerships with other retailers including Primark, Tesco and Sainsbury’s. In addition, the company grew its presence in London with new shops at Gatwick Airport, Canary Wharf and Waterloo.
Greggs said more than 1,200 of its sites were offering food-on-the-go-sales until 7pm or later in the year. The evening was the fastest growing daypart for the retailer and accounted for 8.7% of company-managed shop sales in the second half.
Roisin Currie, Greggs chief executive, said: “Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels.
“Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan.”
Giving an update on current trading, Greggs said like-for-like sales in company-managed shops rose by 8.2% in the first nine weeks of 2024.
Currie added: “We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”
