Strong Christmas trading helped bakery retailer Greggs record a 2.2 per cent rise in total sales in 2010, according to full-year results published today.
In the five weeks to January 8th 2011, total sales increased 3.5 per cent and like-for-like (LFL) sales grew 0.6 per cent year-on-year, whilst in the week leading up to Christmas day LFL sales soared by 16 per cent and total sales were up 19.6 per cent.
This seasonal boost helped Greggs meet expectations set earlier in the year, with the 52 weeks ending January 1st seeing a 0.2 per cent growth in LFL sales compared to its full-year results for 2009.
Ken McMeikan, CEO of Greggs, commented: “I am very pleased with both our record Christmas week sales and our new shop opening programme, particularly considering how difficult the trading conditions on high streets were in the run up to Christmas.”
Greggs is established as the leading bakery retailer in the UK and it boosted its high street presence during the year with a net increase of 68 new shops.
In December alone the retailer opened a further 19 stores, bringing its total to 1,487 UK shops as of the start of the year, and it also refurbished 135 properties and launched 28 new concept store during 2010.
In third quarter results published in October, Greggs reported an increase in breakfast sales with bacon rolls becoming its most requested sandwich for the first time, and despite weather related disruption in December its growing popularity seems undiminished.
McMeikan added: “Despite the impact of the snow, we anticipate reporting full year results in line with expectations when we make our preliminary results announcement on March 16th 2011.
“The consumer environment in the year ahead is likely to continue to be challenging but we remain well positioned to make further progress in 2011 and expect to open around 80 net new shops, creating more than 700 new jobs.”