Greggs to open 150 sites as sales surge to £1.2bn
The bakery also said it has 200 refurbishments planned in 2022 to support growth in additional channels, offering core menu plus hot food trials.
Greggs has announced plans to open 150 new sites as its sales increased by 5.3% on 2019 levels to £1.2bn, according to its preliminary results for the 52 weeks ended 1 January 2022.
It revealed pre-tax profits of £145.6m in contrast to £13.7m loss in 2020 and said it is in a “strong cash position” supporting planned capital investment programme and special dividend.
However, it correspondingly reported life-for-like sales in company-managed shops fell 3.3% down on 2019 levels.
According to the bakery, 131 new shops opened in 2021, further announcing the potential for at least 3,000 shops in the UK “over time.”
Greggs also said it has 200 refurbishments planned in 2022 to support growth in additional channels, offering core menu plus hot food trials.
Roger Whiteside OBE, chief executive, said: “Our results and achievements in 2021 show that we have emerged from the pandemic both stronger and better as a business. I would like to thank, once again, all of our teams across the country who rose so well to meet the challenges of the last two years.
“We have started 2022 well, helped by the easing of restrictions. Cost pressures are currently more significant than our initial expectations and, as ever, we will work to mitigate the impact of this on customers, however given this dynamic we do not currently expect material profit progression in the year ahead.”
He added: “Despite these near-term pressures, we continue to believe that the opportunities for Greggs have never been more exciting. Our investment over recent years has left the business well-placed to move quickly as the economy recovers and we drive our ambitious plans to become a larger, multi-channel business.”
