Greggs has posted a 20.8% jump in sales in the third quarter, while like-for-like sales in its own shops increased by 14.2%, bolstered by extended trading hours and increased app usage.
The bakery retailer is still being affected by cost pressures, although it said that inflation was slowing, and the cost-of-living crisis had seen many customers choosing Greggs’ value led products.
The company has opened 144 new shops and closed 62 shops, bringing its portfolio to a total of 2,410 outlets across the UK.
The business is now on course for a record year of openings, with plans to add between 135 and 145 new shops, as it continues its strategy to have outlets in most parts of the UK.
Greggs has also gained more customers who were ordering through its partnership with Just Eat and now Uber Eats. It aims to extend its delivery model in a bid to offer its products to “more customers on more occasions”.
While its Greggs App, which enables customers to get one free good after every ninth purchase, also posted strong results, with usage up 13.3% from 10.6% in the first half of the year.
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Greggs said that later trade represented 8.8% of company-managed shop sales, up from 8.3%in the first half of the year.
“As we had expected, the rate of cost inflation has eased as we annualise on the significant commodity-led increases experienced in 2022”, the company said.
“At a time when customers are looking to make their money go further Greggs continues to offer exceptional value and grow market share. We have strong product and promotional plans for the fourth quarter and the extension of our delivery service will make Greggs accessible to more customers on more occasions.”
Back in May, the group won its battle to open a flagship site in Leicester Square until 2am from Thursday to Saturday.
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