British bakery chain Greggs has reported a strong finish to the financial year 2023 (FY23), with a 19.6% increase in total sales to £1.809bn ($2.30bn), up from £1.513bn in the previous year.
Like-for-like (LFL) sales rose 13.7% from FY22.
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In the fourth quarter of FY23 Greggs’ performance was particularly noteworthy, with company-managed shop LFL sales rising by 9.4%, underpinned by higher transaction numbers and a lesser impact from price inflation.
The company’s successful quarter reflects the enduring appeal of the Greggs brand, bolstered by an expanded product range and increased accessibility through digital channels and extended trading hours.
At the end of 2023, Uber Eats began offering delivery from 710 Greggs shops, an addition to the company’s existing delivery service through Just Eat.
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The year also marked a record for shop openings, with 220 new outlets launched, 33 closures and 42 relocations, culminating in a net increase of 145 shops.
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By GlobalDataAs of 30 December 2023, the total number of shops stood at 2,473: 1,970 company-managed shops and 503 franchised units.
Greggs concluded the year with a cash position of £195m, slightly higher than the £192m reported at the end of 2022.
This financial stability positions the company well for future investments in growing its shop estate and supply chain capacity.
Greggs has a strong pipeline for new shop opportunities and plans to open between 140 and 160 net new shops in 2024.
Greggs chief executive Roisin Currie stated: “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.”
