Greggs sales surge 23% in FY22

Greggs has announced that its FY22 sales were £1.5bn, an increase of 23.0% compared with the equivalent period in 2021 (£1.2bn).

During the 52-week period, like-for-like sales in company-managed shops were 17.8% higher than sales seen in 2021, with fourth quarter like-for-like sales in company-managed shops growing by 18.2%.

It added this reflected a favourable trading pattern leading into the Christmas period and softer trading conditions in the comparable quarter of 2021 as a result of disruption caused by the omicron variant of coronavirus.

Greggs ended 2022 with a cash position of £191m, partly reflecting phasing of capex investment.

It continued that its pipeline of new shop opportunities “remains strong” and it expects to open around 150 net new stores again in 2023.

During the year Greggs opened 186 new shops (including 70 franchised units) and closed 39, growing the estate to 2,328 shops as at 31 December 2022, 441 of which are franchised shops operated by its partners.

Greggs said it anticipates reporting a full year outcome for FY22 in line with its previous expectations when we report our preliminary results for 2022 on 7 March 2023.

Roisin Currie, chief executive, 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.

“We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK. 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.”