// Greggs saw strong sales growth in the first 19 weeks of 2023
// Total sales in the 19 weeks to 13 May 2023 were £609m, up from £495m on the previous year
Greggs has delivered strong sales growth driven by “strong strategic progress” and its store expansion programme, despite trading against a “challenging macroeconomic backdrop”.
Like-for-like sales at the bakery retailer rose to £609m, up 17.1% for the first 19 weeks of 2023, while like-for-like sales in the 10 weeks to May 13 averaged 15.7%.
The business is expected to grow profit by about 10% this year despite household budgets across the country continuing to shrink.
It said its value offering, along with new products including its Vegan Mexican Chicken-Free Bake will keep sales growing, putting it on track to meet growth forecasts despite pressure on consumers.
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“Menu development” was a key factor in its growth, according to the fast food chain, with sales of hot food and snacks such as chicken goujons, wedges and pizza proving popular with customers.
During the period, Greggs opened 63 new shops, including 25 with its franchise partners, such as sites at Canary Wharf Station, Newcastle and Cardiff airports.
The chain said that the “pipeline for the remainder of the year is strong”, with a total of 2,365 shops currently open as of 14 May.
It added: “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.”
The board said that its expectations for the full year outcome are unchanged.
Last month, Greggs began gearing up for court action with Westminster Council after it was prohibited from serving its baked goods 24hr a day in Leicester square.
Concerns were flagged after the Metropolitan police claimed it could become a “hotspot for late-night disturbances and antisocial behaviour”.
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