Greggs plans to open between 140 and 160 net new shops in 2024, as its sales soared in the fourth quarter.
The bakery and fast food chain posted a 9.4% rise in like-for-like sales across its own-managed shops in the fourth quarter, with comparable store growth of 13.7% overall in 2023, thanks to late night trading and a partnership with Uber Eats.
It forms part of boss Roisin Currie’s strategic growth plan which sees more stores trade after 4pm.
Last year Greggs won a battle to open a flagship site in Leicester Square until 2am from Thursday to Saturday.
The strong finish to the year resulted in a 19.6% increase in full-year total sales to £1.81 billion, beating market expectations.
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Greggs said inflationary pressures were falling and that it anticipated a more stable cost base in the coming year.
Currie added the business has “no plans currently” to increase prices across its ranges as the group expects a more stable cost base over the year ahead.
However, she suggested it would be “a long time before we see deflation” that would allow the group to begin cutting prices, as retailers are among those facing higher wage bills due to increases in the National Living Wage.
“Wage inflation remains, although higher rates of pay across the economy will also provide support to consumer incomes. Overall, we are confident that Greggs can deliver another year of good progress in 2024 as we continue our plans for sustainable growth.”
Currie also said the company would continue to invest in its shops and expand its supply chain in 2024.
“Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead,” she said today.
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