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Greggs targets 150 new store openings as sales and profits rocket


Greggs sees sales and profits rocket amid a year of record new store openings

Greggs will open 150 new stors after generating £1.5 billion in revenues thanks to new shop openings and an increase in evening patronage.

The Newcastle-based company revealed in preliminary data published to the London Stock Exchange that a record 186 new shop openings during 2022 helped it draw more customers similar to pre-pandemic levels.

Roisin Currie, chief executive officer of Greggs, said the year saw rapid expansion during which pre-tax profits rose to £148.3 million thanks to rising sales of chicken goujons and pizza.

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Greggs also highlighted the expansion of its evening business, with 500 locations now staying open until 8 pm and post-4 pm sales now among those with the strongest increase.

The company also announced it intended to test 24-hour drive-thru locations while extending opening hours at 300 stores to 9pm.

The firm stated it still planned to grow this area of the business despite a cooling off of delivery volumes as more customers entered stores after the pandemic.

Read More: Greggs plans to open 100 stores creating 500 new jobs

Greggs’s has 2,328 stores, of which 1,270 offer delivery services, which include a collaboration with JustEat.

These services account for five percent of total sales.

The Greggs App was also being used more frequently by customers, who could “click and collect” items and earn rewards. In the last quarter of 2022, 1.1 million users were registered, up from 400,000 in the same quarter of 2021.

Greggs, which recorded 18.8 percent growth in like-for-like sales in the first nine weeks of 2023, said it was targeting 150 net new openings this year in an effort to expand its network to 3,000 stores.

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The company declared that it was going after new places like inside of supermarkets, in airports, train stations, retail parks, and shopping malls.

Ms Currie said “2022 has been a year of significant progress for Greggs, the result of committed efforts to fulfil our strategic growth plan. The significant opportunities on which the plan is based will remain centre stage in the year ahead as we make Greggs more accessible to even more customers.

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“Although consumer incomes remain under pressure, Greggs continues to offer exceptional value to people looking for great tasting, high-quality food and drink on-the-go. We have an exciting, ambitious plan for the years ahead and, by continuing to nurture what makes Greggs special, I believe we are extremely well-placed to realise the opportunity to become a significantly larger, multi-channel business.”

Source:   Business Live

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