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Greggs has reported pre-tax profits of £188.3m for the 52 weeks ended 30 December 2023, compared with £148.3m from the previous year.
Its sales also increased 19.6% to £1.8bn and its underlying profit before tax excluding exceptional income was up 13.1% to £167.7m.
The group opened a “record” 220 new shops in 2023 and 75 closures (145 net openings), growing the estate to 2,473 shops as at 30 December 2023. Its London presence also extended including new shops in Canary Wharf and Waterloo railway stations and Gatwick Airport.
Additionally, it continued to expand its partnership with retailers including Primark, Tesco and its newest partner Sainsbury’s.
The group stated that it has started 2024 “well”, with like-for-like sales in company-managed shops up 8.2% in the first nine weeks of 2024.
Looking ahead, Greggs expects no change to management’s expectations for 2024 and is “confident that it can deliver another year of good progress”. It is also targeting 140 to 160 net openings in 2024.
Roisin Currie, chief executive, said: “Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels.
“Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan. We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”
