Greggs has reported a substantial increase in sales, driven by innovation in its menu offerings and extended evening hours.
- The bakery chain experienced a 10.6% rise in total sales for the last quarter, along with a 5% increase in like-for-like sales.
- Strategic focus on extending trading hours beyond 7 PM and enhancing the digital channels has bolstered these results.
- Greggs plans to open 140 to 160 new shops by the end of 2024, including 50 relocations.
- The company remains optimistic about maintaining this growth despite economic fluctuations.
Greggs has attributed its recent surge in sales to the strategic introduction of new menu items and the extension of evening opening hours. This approach aligns with the CEO Roisin Currie’s vision to increase evening sales and diversify the menu. As a result, the bakery chain witnessed a 10.6% boost in total sales, underscoring the success of these initiatives.
The growth in sales is supported by a 5% rise in like-for-like sales, indicating a strong market presence and customer retention. Menu development and extended trading hours have played a central role in this achievement, coupled with the exploration of new digital channels to enhance accessibility and convenience for customers.
In response to the changing market dynamics, Greggs has extended its evening trading hours in over 1,200 branches, staying open past 7 PM. This move is part of a wider strategy to tap into the evening market, which has proven lucrative as more customers seek convenience and affordability during later hours.
Looking ahead, Greggs is poised to expand its footprint, planning to open between 140 and 160 new shops throughout 2024, of which approximately 50 are relocations. This expansion reflects the company’s confidence in continued growth and adaptation amidst market challenges.
Despite the economic uncertainties marked by cost inflation and wage increases, Greggs remains confident. It anticipates cost inflation to remain at the lower end of the forecast, between 4% to 5%. The construction of a new frozen product manufacturing and logistics facility in Derby further signifies Greggs’ commitment to future growth and operational efficiency.
Greggs continues to demonstrate robust growth driven by strategic initiatives in menu expansion and market adaptability.
