Greggs has reported a 0.8% rise in like-for-like sales for its fourth quarter compared to two years ago as it continued to battle pandemic-related disruption to its food-to-go business.
The group said that its 2,181 shops experienced strong trading in October, although this was followed by more challenging conditions as consumers responded to precautionary messages relating to the Omicron coronavirus variant.
Greggs also highlighted that it was having to cope with continued disruption to staffing and supply chains in the quarter. It warned that conditions in the first few months of 2022 were likely to still be challenging, with inflationary pressures expected to remain elevated.
However, the company said it anticipated its full-year outcome would be slightly ahead of its previous expectations, with it in a strong financial position to invest for further growth.
Provisional figures show that the group’s total annual sales in 2021 were £1.23bn, a two-year increase of 5.3% compared with the equivalent period in 2019. However, two-year like-for-like sales in company-managed shops were down 3.3%.
The company ended the year with cash of £198m, which will support its plans to open about 150 new stores this year and further develop digital channels.
“Greggs has made great progress in 2021 despite tough trading conditions,” said Chief Executive Roger Whiteside, who is retiring after nine years leading the business.
The group announced today that he will be replaced by company veteran Roisin Currie. Currently Greggs Retail and Property Director, she will be appointed as CEO Designate with effect from 1 February and take over from Whiteside at the company’s AGM meeting in May.
“Roisin has played a central role in the success of Greggs as it has developed as a multi-channel food-on-the-go business and I am delighted that she will lead the next phase of our growth as chief executive,” said Ian Durant, Greggs’ chair.
“She has deep experience of our culture and our strategic plan, and will lead with energy and character.”
