Greggs has seen a significant increase in its financial performance, showcasing robust growth.
- The company’s pre-tax profit for the first half of the year rose to £80m, up from £55.8m in the same period last year.
- Sales have surged by 21.5% to a total of £844m, with like-for-like sales increasing by 16%.
- Despite economic uncertainties, Greggs remains committed to its expansion strategy with the opening of new shops.
- Chief Executive Roisin Currie highlights the brand’s focus on value and market expansion.
Greggs has demonstrated strong financial performance during the first half of the year, exhibiting a notable increase in both profits and sales. The company reported a pre-tax profit of £80 million for the 26 weeks ending 1 July, marking a significant rise from the £55.8 million recorded in the same period of 2022.
In addition to the profit increase, Greggs’ sales have risen by 21.5%, reaching a total of £844 million. Like-for-like sales also saw a rise of 16%, indicating a healthy growth trajectory for the company.
Despite uncertainties in the economic outlook, Greggs maintains its optimistic full-year expectations. The company has not revised its anticipated outcomes for the year, even as it acknowledges the challenges posed by the current economic climate.
The high street bakery chain continues to execute its ambitious expansion plans. Having opened 94 new shops in the first half of 2023, Greggs projects the opening of 150 new locations by the year’s end. This expansion reflects the company’s strategic focus on broadening its market presence.
Roisin Currie, the chief executive of Greggs, emphasises the company’s commitment to providing exceptional value to consumers, particularly as they face ongoing financial pressures. Currie stated, “With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.”
Greggs is also diversifying its business model, planning to launch up to half a dozen standalone cafés in collaboration with Sainsbury’s. This initiative will see operations in petrol station garages and in-store coffee-style setups, illustrating Greggs’ efforts to innovate and expand its channels.
In conclusion, Greggs’ strong financial results and strategic expansion underscore its commitment to growth and market leadership despite economic challenges.
