// Greggs sees sales jump 23% to £1.51bn in 2022 on the back of expansion and a return of shoppers and workers to high streets.
// The business now anticipates full-year 2022 results in line with its expectations
Greggs has revealed its sales surged by nearly a quarter over 2022 as it added around 150 shops to its growing retail empire.
The high-street food chain, which opened 186 new shops in 2022, said total sales rose 23% over the year to hit £1.51 billion, up from £1.23 billion the previous year.
Year-on-year sales in the last three months of the year grew by 18% in the last quarter of 2022, which boosted total sales for 2022 to £1.51bn.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The bakery giant, which now operates 2,328 shops, also highlighted the growing importance of plant-based foods to its produce range, and its newly introduced Vegan Festive Baguette.
On the back of a strong year’s trading, Greggs told investors it anticipated full-year 2022 results in line with its expectations and that it was confident of more progress in 2023.
Plans to invest in existing locations, supply chain capacity and around 150 net new shop openings this year were said to be underpinned by a cash position of £191m.
Chief executive Roisin Currie said longer trading hours, and its move to digital sales also helped to boost demand.
Despite the strong performance, the business cautioned that it would continue to see material cost inflation but said it’s confident of making good progress in 2023.
Currie said: “I am proud of the progress Greggs made during 2022 in challenging conditions. 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.
“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 as consumers look to manage their budgets without compromising on quality and taste.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
