Greggs bakery sales up nearly a fifth in past yearon May 16, 2023 at 10:23 am

Greggs says sales have gone up nearly a fifth compared to this time in 2022, saying its food remains “compelling” to customers in the cost-of-living crisis.

The bakery chain, which opened its first shop in Newcastle in 1951, opened 63 new shops this year and extended some opening hours.

The company said hot food like chicken goujons, wedges and pizza were popular, adding total sales were up 17% on 2022.

But it said inflation and pressures on incomes remained challenging.

It said though it was confident its “outstanding value proposition continues to be compelling”.

In the past year Greggs has opened the new shops but closed 25 franchises, leaving it now with more than 2,360 outlets.

The rise in 2023 was partly because the beginning of last year was impacted by the Omicron variant of coronavirus, Greggs said.

The bakery announced in March plans to open 150 shops and extend opening hours.

Greggs’ chief executive Roisin Currie said customers were “loving the versatility” of hot and cold options.

“It’s all about offering that choice, so people can come in more frequently,” she said.

“They can come in time and time again and try lots of different things, as well as they favourites that they love.”

The company said sales growth was likely to “normalise” throughout 2023 if inflation started to ease.

But it said it was still expecting cost inflation to reach about 9% to 10% this year, driven by staff pay pressures and higher energy costs.

The national average price of its takeaway sausage roll is currently £1.20, up from £1 at the start of 2022.

The company is increasingly targeting busy commuter areas, with new shops opening in London’s Canary Wharf station and Cardiff and Glasgow airports.

Ms Currie added the company had launched another two new Tasty cafes in Primark stores, including Bristol, to attract customers “on the go”.

The group is also currently choosing a location to trial a 24-hour drive thru, she added.

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