Greggs sales up by 8.2% in 2024
Greggs has said its like-for-like sales are up 8.2% in 2024 as inflationary pressure is reducing
The famous British bakery chain has said it’s like-for-like sales are up 8.2% in 2024 as ‘inflationary pressures are reducing’ following a record performance in 2023.
Speaking after Greggs preliminary results for the year ending 30 December 2023, chief executive Roisin Currie said: “Greggs has started 2024 well, with like-for-like sales in company-managed shops growing by 8.2% in the first 9 weeks. As we have previously reported, inflationary pressures are reducing, and we have improved visibility of costs in the coming year.
2026 plans
“Back in 2021, we were bold when we set out our ambition to double our sales by 2026 but we are ahead of our plan and have proven that our strategy to open new shops, extend into the evening, and build up our digital presence is a successful one. We now employ 32,000 people across the country, and I credit them with our success.”
Currie said the business is also looking to extend its evening trade and roll out a menu suited to later opening hours. “During 2023, we continued to open our shops later into the evening and now have more than 1,200 sites competing for food-on-the-go-sales until 7pm or later,” she said.
“Throughout the year, evening (defined as post-4pm sales) was the fastest growing daypart, albeit from a low base. As a result, evening sales were 8.7% of company-managed shop sales in the second half of 2023.
“We know many customers stop by our shops on their way home from work, looking for quick and easy evening meals and snacks. Competing for evening sales means having the right products to meet our customers’ preferences. Our ongoing focus is on making sure we have the right products in the evening to give people more reasons to visit us."
Financial reports
These results come after Greggs has reported total sales of £1,810m in 2023, up 19.6% from £1,513m in 2022, with sales in company-managed shops up 13.7%. Its pre-tax profit rose from £148.3m in 2022 to £188.3m.
Market share is at an all-time high, with total share of food-to-go visits 8.2% (2022: 7.7%). While food-to-go breakfast visits increased to 19.6%, making Greggs number one in the market.
A record 220 new shops opened in 2023 and there were 75 closures (145 net openings), growing to 2,473 shops as of 30 December 2023.
It is targeting 140 to 160 net openings in 2024 as it remains on course for a long-term target of 3,000 UK shops.
Its delivery reach was also extended, with Greggs now available on Just Eat (1,340 shops) and Uber Eats (930 shops) platforms (1,440 shops in total) with sales up 23.6% in 2023, while the Greggs app scanned in 12.5% of company-managed shop transactions (2022: 6.2%).
Currie added: “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. We will open our 2,500th shop in the coming weeks and see the potential for significantly more than 3,000 in the UK in the longer term.”
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