Greggs, the bakery chain, said it expected to open 150 new stores this year despite persistent obstacles from rising wages and energy costs.
The company, best known for its sausage rolls and steak pies, said it expected challenges from high inflation to continue through 2023 while revealing upbeat sales figures for the fiscal year. last main.
It reported similar sales growth in company-managed stores of almost 18 per cent, reaching sales of over £1.5 billion in 2022.
Pre-tax profit was almost 2% higher at £148.3m.
They are hurt by higher raw materials, energy and staff costs as rising wages reflect high levels of inflation.
Greggs said it had a record 186 new stores opening for the year and closing 39 stores, bringing the total number of stores to 2,328.
The chain said it aims to improve on the 147 net openings it achieved last year through 2023, and said it has ambitions to bring its total number of stores to 3,000.
It reports that commerce has been boosted by evening deliveries and merchandising – with things like pizza and chicken goujon proving popular in terms of growth despite continued consumer budget squeeze from cost of living crisis.
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UK inflation falls but remains above 10%
In-store sales were up more than 18 percent year-over-year in the first nine weeks of 2023, but said the figure was a bit high given the tough comparison due to the impact of disruptions due to variation COVID by Omicron in early 2022.
CEO Roisin Currie said: “The year 2022 is a year of strong progress for Greggs, the result of committed efforts to deliver on our strategic growth plan.
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“The key opportunities on which the plan is based will remain central next year as we make Greggs more accessible to even more customers.
“While consumer income remains under pressure, Greggs continues to deliver exceptional value to those looking for great-tasting, high-quality food and drink on the go.
“We have an exciting, ambitious plan for the coming years and by continuing to nurture what makes Greggs so special, I believe we are in a very good position to realize the opportunity.” become a significantly larger omnichannel business.”
