The boss of Greggs today prophesied another year of bumper growth after the Newcastle-based baker closed out 2023 with a 20% jump in sales.
“We are nowhere near peak Greggs,” CEO Roisin Currie declared in an interview with the Standard.
“We have significantly more shops to open in the UK. Geographically it’s about getting to locations we don’t cover. We’re very focused on the UK – however we should always look beyond the UK to see what the opportunities are.”
Greggs said it will open up to 160 new sites in 2024, adding to the 145 net openings last year to bring its total store count to as high as 2,900. Non-high street locations like retail parks and train stations are among top targets for new locations.
The firm, famed for its sausage rolls and steak bakes, opened seven new bakeries in London last year and is already planning a new location at Embankment. Greggs last year said it expected to top 3,000 stores in the UK in the coming years. It is already the biggest fast-food chain in the UK after overtaking Subway last year.
Total sales climbed just shy of 20% to top £1.8 billion for the year, helped along by a fresh partnership with delivery firm Uber Eats which is now operational in more than one quarter of its estate, on top of its existing contract with Just Eat.
Currie added that inflationary pressure had fallen considerably and that there were no planned price rises ahead. The firm's product range was set to expand in 2024 -- but there were no plans to bring back the hot cross bun,
Greggs shares leapt 7.5% to 2,660p, which remains below its 2023 peak of 2,904p.
Julie Palmer, partner at Begbies Traynor, said: “Alongside the rapid store rollout programme is clear evidence that the portfolio was carefully managed last year as there were a decent number of closures and relocations as the baker hunted for the perfect recipe of stores in the right locations.
“This year, Greggs’ winning ingredients of low prices, an iconic brand and frequent innovation should ensure it remains on the menu for millions of customers who are still feeling the pain during this ongoing cost-of-living crisis.”
