Greggs anticipates its full-year outcome will be ahead of expectations, following a strong fourth quarter, as chief executive Roger Whiteside’s replacement is confirmed.
The food-to-go specialist reported that sales for the financial year to January 1, 2022, were up 5.3% on two years ago to £1.23bn.
For the fourth quarter, Greggs reported that like-for-like sales were up 0.8% on a two-year comparison, driven by “a strong performance in October”, followed by what the retailer described as more challenging conditions towards the end of the year as “customers responded to precautionary messages” relating to the emergence of the Omicron Covid-19 variant.
Greggs opened 131 net new stores during the period alongside 28 closures, bringing the total number of trading sites to 2,181 as of January 1.
As a result of its strong recovery during the pandemic, Greggs said it now expects “full-year outcome slightly ahead of our previous expectations”.
Chief executive Roger Whiteside said: “Greggs has made great progress in 2021 despite tough trading conditions. Our teams across the business have done a magnificent job coping under difficult circumstances and, to recognise their hard work, we have brought forward the planned 2022 pay awards.
“We enter 2022 with a strong financial position that will support our ambitions to accelerate the rate of growth in our shop estate while developing new digital channels and extending the trading day.
“While conditions in the first few months of 2022 are likely to remain challenging, we are confident that we are well placed to make progress on the many attractive opportunities that lie ahead.”
Whiteside to step down in May
In a separate announcement to the City this morning, Greggs also said that long-serving chief executive Whiteside has given notice to retire from his role at the company’s next AGM in May this year.
The food-to-go specialist announced that Whiteside will be replaced in the top job by Roisin Currie, Greggs’ retail and property director.
While Whiteside will step down in May, Greggs said he would be “available to support the transition process until his notice expires on 5 January, 2023”.
Currie has been appointed CEO designate and will join the board as executive director on February 1, 2022.
Alongside leading Greggs’ property arms, Currie leads the development of the Greggs shop estate and its growing delivery business in partnership with Just Eat.
As a member of the company’s operating board, she has played a key role in the development of the strategic plans set out last year.
Prior to joining Greggs in 2010, she worked at Asda as people director.
Currie said: “I am delighted to be appointed as chief executive at a time when Greggs has so much potential ahead of it. Having been a senior executive in the business for 12 years, I understand our values-driven approach and the contribution that our 25,000 colleagues make each day.
“We have created a plan for strong growth and further strategic development of Greggs and I look forward to driving this in the coming years.”
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