Food-to-go retailer Greggs has reported it has surpassed £2bn in its full-year trading period, in what its chief executive described as a “another year of good progress”.
Total sales in the 52 weeks to December 28 reached £2.014bn, up 11.3% compared with 2023.
Sales in the fourth quarter increased 7.7% from the same period in 2023, with like-for-like sales in company-managed shops growing by 2.5%.
The Christmas trading period saw a “high demand” for seasonal lines such as the Festive Bake, the Vegan Festive Bake and the new Festive Flatbread.
It saw a “record” 226 new shops and 145 net new openings over the year, with a total of 2,618 shops trading as of December 28, 2024. It expects to open between 140 and 150 net new shops in 2025.
Greggs said employment costs in 2025 will result in “overall cost inflation”, but that it is “confident” it can mitigate cost inflation as it has done in recent years.
It adds the “significant longer-term opportunity for Greggs remains” and it will invest in its growth plan to deliver another year of progress in 2025.
Greggs chief executive Roisin Currie said: “2024 was another year of good progress by Greggs, with a record number of new shops opened and the £2bn sales milestone surpassed. I’m proud of our teams who, day in and day out, do such a fantastic job for our customers.
“We enter 2025 with a strong pipeline of new shop opportunities, and we continue to broaden our menu and enhance our digital capabilities, whilst also developing our supply chain capacity to deliver our growth strategy.
“Whilst lower consumer confidence continues to impact High Street footfall and expenditure, our value-for-money offer and the quality of our freshly prepared food and drink position us well to meet the headwinds we expect to see in the year ahead, and we remain confident in the significant long-term opportunity for growth.”
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