Greggs has “strong” 2023 openings pipeline
Greggs says it has a “strong” pipeline for new stores in 2023, as the bakery chain posts a trading update revealing strong performance in the first 19 weeks of the year.
In this period, Greggs opened 63 new stores and closed 26, and said it had a number of relocation opportunities.
25 of the new openings include franchise partners, with Greggs’ estate now totalling 2,365 shops (comprising 1,908 company-managed and 457 franchised units).
The chain recorded an increase in like-for-like (LFL) sales of 17.1%, with LFL sales in company-managed stores up by 17.1%. Greggs said these increases reflect the impact of the Omicron COVID variant in the first nine weeks of 2022.
Total sales during the 19-week period reached £609m, up from £495m in 2022.
“We have made a good start to the year with sales in line with plans and continued progress on our strategic initiatives. Looking ahead, whilst we expect the macro backdrop to continue to be challenging, we are confident in making further progress”, Greggs said.
The chain’s expectations for the full year outcome are unchanged.