Greggs recorded a sales increase of 23% in 2022 compared to the previous year. The strong performance was supported by record shop openings: 186 new stores began operating last year, growing its total count to 2,428 shops by the end of 2022. The bakery’s sales amounted to GBP 1,513 million last year, up from GBP 1,230 million, the company’s preliminary 2022 results show. The company’s pre-tax profit was up by 1.9%, reaching GBP 148.3 million in 2022. The like-for-like sales in company-managed stores grew by 17.8% in 2022.
The company expanded its presence in retail parks, Central London as well as key transport hubs, with shops opening in Leicester Square, Liverpool Street Station and Birmingham and Liverpool airports. This year, Greggs aims to open 150 new stores and grow its estate to over 3,000 shops in the UK in time.
Greggs focused on evening trade, with 500 shops operating until 8PM and later. Further development is planned for this year, in this regard.
The company saw strong growth in the use of the Greggs App, as customers value rewards for their loyalty: there were 1.1 million individual active users of the app in Q4 2022 (Up from 0.4 million, in Q4 2021).
For its next phase, Greggs is looking into supply chain investments. A new pizza manufacturing plant opened in Enfield, and an additional pastry savory capacity at Balliol Park is under construction.
Environmental, social, and governance targets achieved in 2022:
- Near-term science-based emissions reduction targets based on a 1.5ºC pathway approved by the Science Based Targets initiative
- First Eco-Shop opened, a brand new and bespoke format to test ways to reduce the environmental impact of our estate
- 789 Breakfast Clubs supported in primary schools across the UK, serving a free breakfast to 49,000 school children each day
- 30th Greggs Outlet shop opened, helping to tackle food waste by redistributing unsold food items and investing back into local charities working to tackle food insecurity
- National Equality Standard achieved, recognizing progress on diversity and inclusion
Roisin Currie, Chief Executive commented on the results: “2022 has been a year of strong progress for Greggs, the result of committed efforts to deliver our strategic growth plan. The significant opportunities on which the plan is based will remain center stage in the year ahead as we make Greggs more accessible to even more customers. 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 realize the opportunity to become a significantly larger, multi-channel business.”
Photo: Greggs Twitter