Greggs eyes 150 new stores by year end
Greggs has said it is on target to open a net new 150 stores by the end of 2023, as it sees a “strong pipeline of good opportunities”.
In its interim report for the first half of the year, the bakery chain said that it had opened 94 stores and closed 44. By the beginning of July, Greggs had 2,378 stores trading.
This comes as Greggs reveals that it has traded ahead of 2022 levels so far this year, with total sales reaching £844m, up from £694.5m in the first half of last year.
The chain’s pre-tax profit was also up, increasing from £55.8m in the first half of 2022 to £80m in 2023.
Despite economic uncertainties, Greggs said its continues to trade in line with its plan and is making good progress against its strategic objective to grow the frequency of customer visits through new channels.
Roisin Currie, Greggs chief executive, said: “Greggs’ strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.
“In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs app.
“Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business.”
This comes after the bakery chain recently announced plans to open concessions within some Sainsbury’s supermarkets by the end of the year.