After trading well amid “economic uncertainty”, Greggs said today that it expects its full year results to be in line with previous expectations.
Over the 13 weeks to 28 September, total sales at the food-to-go chain were up 10.6%, having opened a net 86 new shops so far this year.
Company-managed shop like-for-like sales grew 5.0% in the quarter and have now increased 6.5% year-to-date.
Growth was supported by ongoing menu developments, including new pizza and doughnut options, sharing boxes, and new over-ice drinks. The retailer also hailed the progress of its extended store trading hours and the success of its digital activities, including the Greggs app.
The company stated that it remains “on track” to open between 140 and 160 stores this year, including around 50 relocations.
Looking ahead, it said: “Greggs continues to extend its reach, bringing new shops closer to customers and establishing the supply chain capacity to support further growth. With increased forward buying cover we now expect the overall level of cost inflation for 2024 to be towards the lower end of the 4-5% range previously communicated. At a time when consumers continue to face uncertainty, Greggs offers exceptional value for money.
“Whilst acknowledging ongoing economic uncertainty, the Board expects the full-year outcome to be in line with its previous expectations. The Board remains confident in the long-term growth opportunity for Greggs, and we are investing to support that growth.”
