Greggs PLC: announces preliminary results FY-2023

Newcastle upon Tyne / UK. (gs) British Greggs PLC, the leading bakery food-on-the-go retailer in the United Kingdom with more than 2,400 retail outlets throughout the country, announced its preliminary results for the 52 weeks ended 30 December 2023. The high street baker announces a record result due to the execution of its strategic five-year plan. Total sales increased 19.6 percent on 2022 level, with LFL (like-for-like) sales in company-managed shops up 13.7 percent year-on-year.

Chief Executive Roisin Currie: «2023 was another year of rapid growth and strong progress for Greggs. Our teams across the business, whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, continued to rise to the challenge of serving more customers through more channels – working tirelessly to keep pace with increased customer demand. Two years into our exciting, ambitious five-year plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK, our growth strategy is working. The significant opportunities on which the strategy is based will remain centre stage as we make Greggs more accessible to even more customers. Despite inflation and the resulting cost-of-living pressure, the resilience of the Greggs brand and the strength of our underlying business means we kept on providing the great value, tasty products and friendly service that our customers love us for. I am optimistic and excited about delivering our bold five-year growth plan as we continue on our journey to become a significantly larger, multi-channel business.»

For additional information please read the company’s PDF file below (24 very interesting pages | 940 KB):20240307-GREGGS-FY2023

Current trading and outlook: Greggs has started 2024 well, with like-for-like sales in company-managed shops growing by 8.2 percent in the first nine weeks. As the company has previously reported, inflationary pressures are reducing and the company has improved visibility of costs in the coming year. There is no change to management’s expectations for 2024, and the management is confident that Greggs can deliver another year of good progress as the company continues its plans for sustainable growth.