Greggs has reported significant sales growth driven by strategic enhancements in their offerings and operations.
- In the latest quarter, Greggs’ total sales surged by 10.6%, with like-for-like sales climbing 5%.
- Key contributors included the introduction of new menu items and the extension of evening opening hours.
- The company is adapting to economic pressures with strategic planning and cautious cost management.
- Greggs remains committed to expansion, targeting up to 160 new store openings in 2024.
Greggs has achieved a notable increase in sales, with a 10.6% rise in total sales and a 5% increase in like-for-like sales over the last quarter. This improvement is attributed to strategic enhancements such as the introduction of new menu items and the extension of evening opening hours, aligning with the vision set forth by CEO Roisin Currie.
The company focused on developing its menu and furthering its digital channels, positioning itself as a leader in convenience and affordability. Over 1,200 Greggs branches now operate beyond 7 pm, reflecting a targeted approach to expand evening sales and a broader menu range.
Addressing economic challenges, Greggs responded to cost inflation due to wage increases and food price fluctuations by aiming for the lower end of a 4% to 5% cost inflation forecast for the year. Notably, the company announced its decision to maintain prices for the rest of the year, underscoring its commitment to customer affordability.
Greggs’ growth strategy includes opening between 140 and 160 new stores in 2024, with around 50 of these being relocations. The construction of a new facility in Derby for frozen product manufacturing and logistics is progressing, with expected lease agreements to be signed shortly. This facility marks a significant investment in Greggs’ logistical capabilities.
Despite economic uncertainties, Greggs maintains a positive outlook, with unchanged full-year guidance. This steadfast approach underlines the company’s confidence in its strategic initiatives and the resilience of its business model.
Greggs continues to thrive with strategic innovations and expansion plans, demonstrating resilience in a challenging economic landscape.
