Greggs: Evening sales and travel hubs send baker’s sales soaring
Greggs recorded total sales of £844m in its interim results, up from £694m compared to the same period last year.
The steak-bake champion also said that pre-tax profit rose to £80m up from £55.5m last year, as its value goods proved well with punters.
During the term, Greggs opened 94 new shops in the first half of the year, and shut 44, taking its total portfolio of sites to 2,378.
It forms part of chief Roisin Currie’S strategic growth plan for the brand, alongside plans to ramp up its evening trade.
“We have continued to grow sales in the evening daypart. This remains a significant opportunity for Greggs as it is the largest segment of the food-to-go market by value, yet the one where Greggs currently has the lowest level of penetration,” read the results.
The sausage roll maker recently won a battle to open a flagship site in Leicester Square until 2am from Thursday to Saturday.
Currie said: “Whilst uncertainties in the economic outlook remain, we continue to trade in line with our plan and are making good progress against our strategic objective to grow the frequency of customer visits through new channels. As such, the Board’s expectations for the full year outcome are unchanged.”
As inflation slowly falls Currie said there were signs that cost inflation was starting to ease, expecting it to cool further in the second half of the year.
She added: “Greggs’ strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.”