Greggs targets 150 new openings a year

Greggs is targeting 150 new openings a year from 2022 and said it sees the potential for at least 3,000 shops in the UK.

In the group’s 2021 financial results, it reported total sales were up 5.3% on 2019 to £1.23b. Like-for-like sales in company-managed shops were 3.3% down on 2019, while the company recorded a pre-tax profit of £145.6m during the year, an increase on £108.3m in 2019.

Greggs already has 2,181 trading sites and opened 131 new shops last year, closing 28, and plans to refurbish 200 of its shops this year to create dedicated space for digital channels and increased capabilities in food preparation.

The company also plans to extend its delivery option from 1,000 to 1,300 shops and extend the trading hours of 500 shops in the year ahead.

Chief executive Roger Whiteside said: “We have started 2022 well, helped by the easing of restrictions. Cost pressures are currently more significant than our initial expectations and, as ever, we will work to mitigate the impact of this on customers, however, given this dynamic we do not currently expect material profit progression in the year ahead.

“Despite these near-term pressures, we continue to believe that the opportunities for Greggs have never been more exciting. Our investment over recent years has left the business well-placed to move quickly as the economy recovers and we drive our ambitious plans to become a larger, multi-channel business.”

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