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British bakery chain Greggs has reported 17.1% like-for-like sales growth during Q1 of 2023.
Total sales in the 19 weeks to 13 May 2023 were £609m, compared to £495m for the same period last year. The group said this year’s quarter results performed better than the same period last year, which was affected by the spread of the Omicron variant.
Greggs saw particular growth regarding the sales of hot food, snacks and pizza. The chain also recently added a new Vegan Mexican Chicken-Free Bake to its plant-based offering which is gathering success.
During Q1, Greggs reportedly opened 63 new shops, including sites at Canary Wharf Station and Glasgow and Cardiff airports as well as 25 locations with its franchise partners. A total of 2,365 shops are currently trading nationwide.
In an official statement, the group said: “We have made a good start to the year with sales in line with plans and continued progress on our strategic initiatives. Looking ahead, whilst we expect the macro backdrop to continue to be challenging, we are confident in making further progress.
“Although we expect to see ongoing material cost inflation, we have good forward cover on key commodities. Consumer disposable incomes are likely to stay under pressure, but we remain confident that our outstanding value proposition continues to be compelling.”
