Greggs serves up a jump in sales during 2022
North East bakery giant Greggs produced a tasty performance during 2022.
The firm has revealed sales surged by nearly a quarter over the year as it added a total of around 150 shops to its retail empire.
The chain said total sales rose 23% over the year to hit £1.51 billion, up from £1.23 billion the previous year.
Year-on-year sales in the last three months of the year grew by 18% across its own-managed shops, with a boost in visitors over Christmas despite bad weather and rail strikes.
Almost 150 extra shops
The increase also reflects dampening effect of the Omicron coronavirus variant on sales over the same period in 2021.
Greggs added 186 new shops over the year, while also closing 39.
The company said inflation is still a problem, with the group previously estimating that costs had gone up by about 9% on average over 2022.
Rising costs forced the group to raise prices of some of its key food items, with its popular sausage roll going up in price three times last year.
‘Our teams did a magnificent job’
However, it reassured investors that its meals remain good value and attractive to the cash-conscious consumer, and it expects to meet its full-year profit projections despite the challenging conditions faced last year.
It also revealed that it has been extending opening hours, with 500 shops now open until 8pm, meaning that sales during the early evening are growing fast.
Roisin Currie, Greggs' chief executive, said: "I am proud of the progress Greggs made during 2022 in challenging conditions.
"Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, while continuing to extend our menu to offer more choice.
"We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK.
"While market conditions in 2023 will remain challenging, our value-for-money offer of freshly prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste."