Greggs to open 160 new stores as FY23 sales rise
The food-to-go retailer saw a 9.4% increase in like-for-like sales during Q4 of the year, which the company said was driven by the popularity of the brand
Greggs has revealed it plans to open between 140 and 160 new shops in 2024 as total sales in FY23 increased 9.6% to £1.8bn.
The food-to-go retailer saw a 9.4% increase in like-for-like sales during Q4 of the year, which the company said was driven by the popularity of the brand as it further develops its range and is more accessible through digital channels and extended trading hours.
By the end of the year, Greggs had extended its delivery service with Uber Eats to 710 shops, in addition to the service provided with Just Eat.
In 2023 Greggs opened 220 new shops and closed 75 shops, giving a total of 2,473 shops trading at 30 December 2023.
Given the “strong” Q4 trading, the food chain now expects a full year outcome for FY23 in line with its previous expectations. As inflationary pressures are reducing, Greggs said it anticipates a more stable cost base in the coming year.
Roisin Currie, chief executive, said: “2023 was a year of further progress by Greggs. I am proud of our teams, who did a fantastic job serving more customers as we continue to grow our shop estate and offer greater availability through digital channels and extended trading hours.
“We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet. Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead.”
