Greggs has reported a substantial increase in sales, spurred by strategic menu innovations and extended evening hours.
- The bakery chain experienced a total sales increase of 10.6% in the last quarter.
- Key drivers of this growth include ongoing menu development and expanded trading hours.
- Over 1,200 branches now operate past 7 pm, aiming to capture evening sales.
- Greggs plans to open 140 to 160 new shops, continuing their growth trajectory.
Greggs has reported another impressive quarter of sales growth, highlighting the success of its strategic adjustments. The company saw a 10.6% increase in total sales, with like-for-like sales up by 5%. This success is attributed to ongoing menu innovation and expanded evening operations, creating a compelling offer for consumers focused on affordability and convenience.
To meet consumer demand, Greggs has extended trading hours, with more than 1,200 outlets now open past 7 pm. This decision aligns with CEO Roisin Currie’s strategy to enhance evening sales and diversify the menu further, capitalising on the untapped potential of evening consumers. By broadening their operational hours, Greggs aims to boost sales and cater to a wider clientele.
In response to economic fluctuations, Greggs has addressed cost inflation concerns linked to wage increases and food price volatility. The company expects cost inflation for 2024 to remain at the lower end of its 4% to 5% forecast. Notably, Greggs has maintained its commitment not to raise prices this year, demonstrating resilience in a challenging economic environment.
Further expanding its footprint, Greggs remains on track to open between 140 and 160 new outlets in 2024, including approximately 50 relocations. This strategic move underscores the company’s confident outlook and commitment to growth, despite economic uncertainties. Greggs is also progressing with the construction of a new frozen product manufacturing and logistics facility in Derby, expected to reach a significant milestone this quarter.
Greggs continues to thrive through strategic expansion and adaptation, maintaining its positive growth trajectory.
