Greggs has announced a notable rise in pre-tax profits and sales, highlighting strong trading momentum amid unchanged expectations due to economic uncertainties.
- The company’s pre-tax profit reached £80 million for the first half of 2023, up from £55.8 million in the same period for 2022.
- Sales increased by 21.5% to £844 million, with like-for-like sales seeing a 16% rise.
- Despite the robust performance, Greggs maintains a cautious outlook for the full year, citing ongoing economic uncertainties.
- Expansion plans are underway with 150 new shops expected by year’s end, following 94 openings in the first half.
Greggs has reported a significant increase in its pre-tax profit to £80 million for the 26 weeks ending 1 July 2023, marking a substantial rise from £55.8 million in the corresponding period in 2022. The bakery chain attributes this growth to strong trading momentum.
Sales at Greggs have surged by 21.5%, reaching a total of £844 million. Notably, like-for-like sales also rose by 16%, reflecting the company’s strong market presence and customer demand.
Despite these promising figures, Greggs has indicated that its expectations for the full year’s financial outcome remain unchanged. This cautious stance is due to prevailing uncertainties in the economic environment, which continue to pose challenges.
Amid these financial results, Greggs is pressing forward with its expansion strategy. The company plans to open 150 new shops by the end of 2023, having already established 94 new locations in the first half of the year.
Chief Executive Roisin Currie has affirmed the company’s commitment to providing exceptional value to consumers amidst ongoing economic pressures. Currie stated, ‘Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business.’
The expansion includes the launch of standalone cafés in collaboration with Sainsbury’s, which will operate in petrol station garages and in-store as coffee-style operations, further diversifying Greggs’ retail channels.
Greggs demonstrates robust growth amidst economic challenges, balancing expansion with caution due to market uncertainties.
