Food-to-go chain Greggs saw like-for-like sales in its company-owned shops climb 18.2% in its fourth quarter to 31 December, despite the impact of bad weather and transport strikes during the Christmas period.
The company said it benefited from strong demand for seasonal lines such as mince pies and festive hot drinks in the festive quarter. It also revealed that plant-based foods are contributing more significantly to its sales.
As a result of the robust performance, the group’s full-year like-for-likes rose 17.8% and total sales were up 23% to £1.51bn.
Greggs reaffirmed its profit expectations, although it envisages continued “material cost inflation in the year ahead”.
As of 31 December, Greggs had a total of 2,328 shops trading after opening 186 stores during the year and closing 39.
Roisin Currie, Chief Executive, commented: “We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK.
“While market conditions in 2023 will remain challenging, our value-for-money offer of freshly-prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”
