Greggs reports surge in sales despite ‘challenging conditions’

Bakery chain Greggs has reported a jump in sales as it prepares to bolster its 2023 pipeline.

Despite the December train strikes, the 2,300-strong group saw total sales jump 23% to £1.51b in 2022, up from £1.23b in 2021.

Like-for-like sales during the fourth quarter of 2022 rose 18.2% driven by seasonal menu items such as festive bakes, sweet mince pies and salted caramel lattes. The company said its plant-based range also continued to grow in popularity.

During 2022, Greggs opened 186 new shops, including 70 franchised units, and closed 39.

It plans to launch 150 new stores in 2023, in line with its target set last year.

Roisin Currie, chief executive of Greggs, said: “I am proud of the progress Greggs made during 2022 in challenging conditions. Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, whilst continuing to extend our menu to offer more choice.

"While market conditions in 2023 will remain challenging, our value-for-money offer of freshly-prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”