Food-to-go retailer Greggs has reported another year of sales growth and market share gains.
In a trading update published today (8 January), Greggs said fourth-quarter total sales rose 7.4% year on year, with like-for-like sales in company-managed shops up 2.9%. For the full 52 weeks to 27 December 2025, total sales increased 6.8% to £2.15bn, while like-for-like sales grew 2.4%.
The business said market conditions remained tough across the food-to-go sector, impacted by cautious consumer spending and weather extremes earlier in the year. However, Greggs continued to gain market share, including at breakfast and in the evening, supported by its value-led proposition and operational efficiency.
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Chief executive Róisín Currie said the business had “made good progress in a challenging year”, highlighting outperformance versus the wider market and continued gains in share of visits.
“We enter 2026 with a strong pipeline of new opportunities to make Greggs even more convenient for customers. This is underpinned by the investments we have been making in our supply chain capacity, which start to become operational this year,” she said.
“Our ongoing focus on efficiency allows us to deliver exceptional value to customers who are managing their budgets carefully.”
Expansion of the shop estate remained a key driver of growth. Greggs opened 207 new shops in 2025, averaging four openings a week. After 50 relocations and 36 closures, this resulted in 121 net new shops, taking the total estate to 2,739 outlets at year end. The company expects to open around 120 net new shops in 2026, with opportunities identified across under-penetrated locations and relocations to higher-footfall sites.
The business also trialled three smaller-format Bitesize Greggs shops during the year, designed for space-constrained, high-footfall locations. Estate growth will continue at a similar pace in 2026, the company said.
Alongside expansion, Greggs continued to invest in its supply chain. Testing has begun at its new frozen product logistics and manufacturing facility in Derby, with a phased operational rollout due to begin from mid-2026. The initial build phase of a new chilled and ambient national distribution centre in Kettering has also been completed, with opening planned for 2027. The business said it is now past the peak of its capital expenditure programme, with capex expected to reduce significantly in 2026.
Cost control remained a focus throughout the year. Greggs delivered a further £13m in structural cost efficiencies in 2025, helping to offset input cost pressures and support competitive pricing. The business highlighted its Breakfast Deal and £5 Big Deal lunch offer as central to maintaining its value credentials, alongside seasonal products such as the Festive Bake and ongoing menu innovation.
Greggs ended the year with net cash of £47m, down from £125m in 2024, reflecting peak investment in its supply chain. As capital expenditure moderates, the company expects to return to net cash generation.
The business expects to report full-year profit before tax for FY25 in line with previous expectations and will publish its preliminary results for 2025 on 3 March 2026.
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