Greggs says sales up by more than fifth in latest quarter

Greggs has revealed its sales have gone up by more than a fifth in a quarter and said cost inflation had eased across the business.

The bakery chain, which opened its first shop in Newcastle in 1951, said it had opened 82 net new shops in 2023.

It said that took it to having a total of 2,410 outlets across the UK.

The company told shareholders total sales increased by 20.8% for the 13 weeks to 30 September, compared with the same period last year.

It said it had opened 144 new stores and closed 62 others in the last 12 months, and expected to open between 135 and 145 new shops throughout the whole of 2023.

Greggs said it had been continuing to expand its evening operation, saying sales after 16:00 now accounted for 8.8% of all its trade.

It said it had also gained more customers who were ordering through its app and through its partnership with Just Eat and now Uber Eats.

Greggs chief executive Roisin Currie told the PA news agency there was still inflation in the group's supply chain despite it easing, and it would continue to review its pricing.

"When you think about the current pressure on disposable income, people are thinking about how to get the best value," she said.

"When someone is driving around thinking about where to pick up breakfast, we think people are coming to us because they are aware of the value on offer."

It said earlier this year it was increasingly targeting busy commuter areas, with new shops opening in London's Canary Wharf station and Cardiff and Glasgow airports.