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Greggs has welcomed a strong performance in FY22, with total sales up by 23% to £1.5bn, and like-for-like sales in company-managed shops up by 17.8% year-on-year.
Over the period, pre-tax profits were also up 1.9% to £148.3m, against £145.6m the prior year.
It comes as the group reported a “record” 186 new shop openings in 2022 and 39 closures, leading to 147 net openings and growing its estate to 2,328 shops.
The group continued to expand its presence in retail parks, Central London, and key transport hubs, with shops opening in Leicester Square, Liverpool Street Station and Birmingham and Liverpool airports.
Looking ahead, Greggs is targeting 150 net openings in 2023, and says there is a “clear opportunity” for “significantly” more than 3,000 UK shops in time.
In the first nine weeks of 2023, like-for-like sales in company-managed shops have been up 18.8%, in line with expectations and reflecting the impact of Omicron in the comparator period. The group said it is “confident” in its overall prospects for 2023.
Roisin Currie, CEO, said: “2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan. The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers.
“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on-the-go. We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multi-channel business.”
