- Wednesday, October 16, 2024
Greggs, the U.K. bakery chain, has reported a significant increase in annual sales for the year, exceeding expectations. Total sales for the 52 weeks ended December 30 reached £1.81 billion ($2.30 billion), compared to £1.51 billion in 2022.
The company attributed this growth to a 9.4% rise in like-for-like sales in its company-managed shops during the fourth quarter. Factors contributing to this increase include higher transaction numbers, a favorable trading pattern over the Christmas period, and the popularity of seasonal product lines.
Greggs has also noted a reduction in inflationary pressures and a decrease in price inflation contributions during the fourth quarter. This has positively impacted sales figures.
Looking ahead, the company expressed confidence in its ability to deliver another successful year. It ended the year with a cash balance of £195 million, which will support its plans to invest in expanding its shop estate and supply chain capacity. In 2024, Greggs aims to open between 140 and 160 net new shops and anticipates a more stable cost base for the year.
Overall, Greggs' performance for fiscal 2023 is expected to align with current projections, reinforcing its position as a leading on-the-go food retailer.
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