Greggs reported its total sales in the first half of the year amounted to GBP 960.6 m, which is over GPB 110 m more (13.8 %) than the similar period of last year, when its sales were GBP 844 m. The UK chain’s profit before tax was up by 16.3 % to GBP 74.1 m.
Greggs added 99 new shops, including 30 relocations, in the first half of the year. At the same time, 18 shops were closed (excluding relocations). As of June 29, 2024, the company has 2,524 shops in total. It remains on track to achieve 140 to 160 net new shop openings in 2024, the company anticipates.
Its menu developments this year included dedicated pizza deals such as the Late Trade Pizza Deal and Pizza Box Deal, which drove strong sales growth. Hot food also continues to perform well. In addition, the company recently launched a four-slice pizza-sharing box option.
Investments
The redevelopment of its distribution center in Birmingham and the extension of the one in Amesbury are also on track and should be completed in the first part of the year. The facilities will expand its logistics capacity for 300 more shops.
The initial build phase of the new frozen manufacturing and logistics site in Derby is also in progress and expected to open for business in late 2026.
Greggs is also signing contacts to buy a 25-acre plot of land at Symmetry Park in Kettering, for a new National Distribution Center. This site, expected to be operational in the first half of 2027, will support the existing Radial Distribution Centers to service circa 700 more shops through the automated upstream picking of chilled and ambient goods.
Roisin Currie, Greggs CEO, commented on the H1 results: “Greggs has made good progress in the first half of the year, further broadening our range of on-the-go food and drink whilst making it more accessible to more customers. Our success is founded on the exceptional value that Greggs offers to customers looking for food and drink on the go and the fast and friendly service delivered by our colleagues.”
Our cost outlook for 2024 remains unchanged and we continue to trade in line with our plan. The Board remains confident in the long-term growth strategy, and we are investing to support that growth.”
Photos: Greggs
