Greggs reveals its sales jumped by more than a fifth in the latest quarter

It said it has been supported by its value-focused offer “at a time when customers are looking to make their money go further”.

The group said this came after like-for-like growth of 14.2 per cent for the quarter across its company-managed shops, as it also benefited from its continued expansion.

Greggs said it has seen 82 net store openings so far this year, taking it to 2,410 outlets by the end of September.

It added that it expects between 135 and 145 net openings for the whole of 2023.

It comes as the Newcastle-based business continues to expand its proposition in an effort to draw in more customers.

Greggs said it has invested to grow its evening operation, with sales after 4pm now accounting for 8.8 per cent of trade.

It has also significantly grown customer activity through its app and its partnership with Uber Eats.

The group has also continued to introduce new food and drink products to sell alongside its traditional sausage rolls and bakes, with a “veg bhaji flatbread and cheese and honey mustard toastie” among new vegetarian products in its autumn menu.

The London-listed firm said it was on track to hit its financial guidance for the year as it reported that “the rate of cost inflation has eased” compared with a year earlier.

Roisin Currie, chief executive of Greggs, told the PA news agency that there is still inflation in the group’s supply chain and it will continue to review its pricing.

However, she stressed that its current value position has helped to boost the chain’s performance and drive “significant” volume growth.

“When you think about the current pressure on disposable income, people are thinking about how to get the best value,” she told PA.

“When someone is driving around thinking about where to pick up breakfast, we think people are coming to us because they are aware of the value on offer.

“It is £2.70 for a roll at breakfast and a hot drink, we have a similar deal at lunchtime and think these types of offers help people choose to come to Greggs when there is pressure on their finances.”

Charlie Huggins, Manager of the Quality Shares Portfolio at Wealth Club, commented: "This is another solid performance from Greggs in a challenging economic environment, with little sign so far of consumers cutting back on sausage rolls and pasties.

"Greggs has continued to gain market share in a difficult environment which is mightily impressive. There is no doubt Greggs' brand is resonating strongly with the UK consumer and is in fine fettle.

“The cost of raw materials, energy and wages have risen rapidly over the last year, but encouragingly these cost pressures are now beginning to ease. This isn't just good news for profit margins but should also help underpin consumer demand by reducing the need for price increases. Overall, Greggs' performance so far this year is impressive.”