Greggs sales increase has given the bakery chain a reason to speed up its expansion plans
Business

Greggs sales increase has given the bakery chain a reason to speed up its expansion plans

Greggs, the bakery chain, reported a surge in sales of 23% to £1.5 billion in 2022, up from £1.2 billion the previous year, with a record 186 new shops opened and 39 closed.
The company plans to expand its current chain of nearly 2,330 shops to more than 3,000 shops across the UK. The cost-of-living squeeze has led to more consumers relying on low-cost meals, resulting in loyal customers returning to Greggs for value meals.
Despite a lift in pre-tax profit of just 1.9% to £148.3 million, steep cost inflation and the withdrawal of government pandemic support affected the company’s profits.

Around 5% of Greggs’ total sales came from delivery services, with strong demand for sharing boxes. The company extended opening hours for approximately 500 shops to 8pm or beyond, resulting in a wave of people going to Greggs for hot evening meals such as pizzas and chicken goujons.

Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great-tasting, high-quality food and drink on the go.

Chief executive Roisin Currie said that 2022 had been a year of strong progress for Greggs, with significant opportunities ahead as the company makes itself more accessible to even more customers.

Cost inflation is expected to remain a challenge this year, reaching levels of 9% to 10%, driven by staff pay pressures and energy costs.

Greggs has managed to pass on some of the cost inflation to consumers through price rises, with the price of its sausage roll jumping from £1 at the start of 2022 to £1.20 by the start of 2023.

The company has an exciting, ambitious plan for the years ahead and is well-placed to become a significantly larger, multi-channel business by continuing to nurture what makes Greggs special.


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