Greggs continues to grow with strong trading
Greggs has announced a strong year of trading which sees the food-on-the-go retailer enjoy an increase in sales of 23%.
Sales were up to £1.5bn in 2022, up from £1.2bn the previous year.
Like-for-like sales were up in the fourth quarter by 18.2%, while like-for-like sales for the entire year up 17.8%. Greggs said this reflected a favourable trading pattern leading into the Christmas period and improved trading conditions compared to 2021 as a result of disruption caused by coronavirus.
Despite closing 39 stores in 2022, Greggs opened 186 new shops, accumulating a total of 2,328 trading stores by the end of the year.
The retailer said that it has a robust cash position to support investment in its growth plans.
Roisin Currie, Greggs chief executive, said: “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”.