Greggs sales surge to £2.01bn in FY24

Greggs has surpassed the £2bn mark as its sales increased 11.3% to £2.014bn, with LFL sales in company-managed shops up 5.5% year-on-year, in the 52 weeks ended 28 December 2024.

The group’s underlying pre-tax profit also increased 13.2% to £189.8m, while its total pre-tax profit was up 8.3% to £203.9m.

During the period, the group stated that its evening trade remains its fastest-growing daypart, accounting for 9% of company-managed shop sales in 2024, up from 8.5% in 2023.

Greggs also continued to expand beyond traditional high street locations, achieving a record 226 new shop openings in 2024, with 28 closures and 53 relocations, resulting in a net increase of 145 shops and growing the estate to 2,618 locations as of December 28, 2024. Additionally, 165 existing shops were refurbished.

In 2025, the company is targeting 140 to 150 net openings, including 50 relocations, and sees a “clear opportunity” for significantly more than 3,000 UK shops in the long term.

Furthermore, the group invested in its fourth production line commissioned at Balliol Park in Newcastle upon Tyne, and expanded its capacity at Birmingham and Amesbury distribution centres, adding logistics capacity for a further 300 shops.

Greggs is also expanding logistics capacity for up to 3,500 shops with a frozen facility in Derby (opening 2026) and a National Distribution Centre in Kettering (opening 2027).

Roisin Currie, chief executive of Greggs, said: “2024 was another record-breaking year for Greggs; we exceeded £2 billion in sales for the first time and opened our 2,600th shop. Our people have worked tirelessly to deliver on our strategic ambition to further establish Greggs as a multi-channel food-to-go retailer and I want to acknowledge their efforts.

“It is thanks to their hard work, week after week, that we continue to grow, all the while maintaining the great prices, high quality products, and friendly service that keep our customers coming back, again and again.”

Currie added: “In 2021, we set our sights on doubling sales by 2026 and having a significantly bigger business over the longer term. Three years into this five-year plan, sales are on track and we continue to be confident in the growth opportunity in front of us. The brand is in better shape than ever, with a material opportunity to continue growing and developing the Greggs estate and plenty of scope to continue to grow in newer dayparts and channels.”