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Greggs has seen its total sales rise by 14.6% for the 13 weeks to 1 October 2022, with company-managed shop like-for-like sales up 9.7% in the quarter.
Despite this sales boost, year-on-year growth slowed in August given the “particularly strong” staycation effect, though momentum returned in September. The closure of its shops on 19 September for the Queen’s funeral also impacted reported LFL sales growth by around one percentage point.
It comes as the group has opened 90 net new shops in the year-to-date, opening 106 new shops and closing 16, giving a total of 2,271 sites trading at 1 October 2022. Going forward, the group aims to secure around 150 net shop openings in 2022, of which around 40% are planned to be with franchise partners.
In its latest results, the group noted there was no change in its cost inflation outlook for the year, with the outlook remaining consistent with its previous guidance of c.9%.
The group said it holds an “appropriate level” of forward purchasing cover in respect of its fourth quarter requirements for key food and energy commodities. It added that it holds “significant” energy cover for the first quarter of 2023, with average costs expected to be below the level of the recently-announced price cap.
Overall, the group said it “continues to trade well in an environment where cost pressures are significant”, and its full year outcome is expected to be in line with previous expectations.
