Greggs upbeat after year of sales growth

5th Jan 2023 07:28

(Sharecast News) - Greggs reported total 2022 sales rising 23% in a trading update on Thursday, to £1.51bn, as fourth quarter like-for-like sales grew 18.2%.

The FTSE 250 sausage roll and pastry peddler said like-for-like sales for the full year were up 17.8%.

During the year, it openmed 186 new shops and closed 39, with a total of 2,328 shops trading on 31 December.

Greggs said it saw "strong growth" in both digital and early evening sales in the period.

It said it was in a "robust" cash position to support its investment in growth plans, adding that it expected a full-year outcome in line with its previous expectations.

"I am proud of the progress Greggs made during 2022 in challenging conditions," said chief executive officer Roisin Currie.

"Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, whilst continuing to extend our menu to offer more choice."

Currie said the company was entering 2023 in a "strong" financial position that would enable it to invest in shops and supply chain capacity.

"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."

At 1022 GMT, shares in Greggs were up 0.62% at 2,457.2p.

Reporting by Josh White for Sharecast.com.