High street bakery chain Greggs planning to open up to another 160 sites

Greggs is set to open between 140 and 160 new shops on a net basis in 2024 as it looks to give customers more convenient access to its stores.

It posted a 9.4 per cent rise in like-for-like sales across its own-managed shops in the fourth quarter, with comparable store growth of 13.7 per cent overall in 2023.

The final quarter performance marks a slowdown on the 14.2 per cent growth seen in the previous three months as Greggs said there was less contribution from price inflation.

The company said cost pressures were continuing to ease back, with expectations for a “more stable cost base in the coming year”.

“Wage inflation remains, although higher rates of pay across the economy will also provide support to consumer incomes,” according to the group.

Roisin Currie, Chief Executive commented: "2023 was a year of further progress by Greggs. I am proud of our teams, who did a fantastic job serving more customers as we continue to grow our shop estate and offer greater availability through digital channels and extended trading hours.

"We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet.

"Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead."

In a statement, Greggs said: “Our strong LFL (like for like) sales performance demonstrates the popularity of the Greggs brand as we further develop our range and make Greggs more accessible through digital channels and extended trading hours.

"By the end of 2023 Greggs was available for delivery on the Uber Eats platform in 710 of our shops, in addition to the service provided through our existing partner Just Eat.

“Seasonal lines, including our iconic Festive Bake, Chocolate Orange Muffin and Christmas Lunch Baguette were in high demand in the fourth quarter, featuring alongside our shop-baked Sweet Mince Pies and festive hot drinks.

The statement added: "Pizza continues to perform strongly during the day and into the evening, with pizza boxes and pizza bundle deals continuing to contribute to our growth.”