// Greggs plans to open 150 new stores across the UK by the end of the 2023
// Total sales soared 23% to £1,513m in the year to 31 December 2022 boosted by record store openings
Greggs has said it plans to open around 150 new stores by the end of 2023 after last year’s record store openings saw sales soar 23%.
Despite sales skyrocketing to £1.5bn in the 52 weeks to 31 December 2022, pre-tax profits edged up just 1.9% to £148.3m for the year.
It said the performance reflected “strong sales growth in the face of significant cost inflation and the removal of government pandemic support”.
CEO Roisin Currie said: “Cost inflation will continue to be a challenge in the year ahead, driven particularly by pay awards and energy costs, but we are confident that our outstanding value proposition will remain compelling as customers look to make their money go further. As such, we remain confident in the prospects for the business in 2023.”
Greggs plans to expand to 3,000 locations across the UK. Its current store estate stands at 2,328.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Over the course of 2023, the retailer plans to refurbish 150 company-managed shops and relocate 40 shops to larger sites. It will open a net 150 new shops.
Like-for-like sales in its company-managed locations surged 17.8% over the period year-on-year.
In the first nine weeks of 2023, company-owned store like-for-likes have jumped 18.8%, which it said was in line with expectations.
Currie said: “2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan.
“The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers.
“We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multichannel business.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
