Greggs has demonstrated resilience with a notable surge in profits and sales.
- The bakery firm’s pre-tax profits rose to £80 million for the first half of 2023.
- Total sales increased by 21.5% to reach £844 million.
- Greggs continues with its expansion plans amid economic uncertainties.
- CEO Roisin Currie highlights the company’s commitment to value and growth.
Greggs, the popular UK high street bakery chain, has reported a remarkable surge in pre-tax profits, amounting to £80 million for the period ending 1 July 2023. This represents a significant increase from £55.8 million recorded during the same timeframe in 2022. The strong trading momentum has largely contributed to this growth, although the economic outlook remains fraught with uncertainties.
During the same period, Greggs also experienced a substantial 21.5% increase in total sales, accumulating to a considerable £844 million. Like-for-like sales saw a rise of 16%, indicating a robust performance across its outlets. Such financial performance demonstrates the firm’s resilience in a challenging economic climate.
Despite the economic uncertainties, Greggs is steadfast in its expansion strategy. The company plans to open 150 new shops in 2023, having already launched 94 outlets in the first half of the year. This ambitious expansion aligns with the company’s strategic vision to grow its market presence and explore new business channels.
Roisin Currie, Greggs’ CEO, highlighted the company’s dedication to providing exceptional value to consumers, a key factor in its performance and increasing market share. According to Currie, “With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share.” The company’s efforts to extend trading hours and expand app participation have been pivotal in supporting their growth strategy.
In an innovative collaboration, Greggs plans to introduce standalone cafés within Sainsbury’s stores and petrol station garages. This initiative represents a novel approach to broadening its consumer base and enhancing its multi-channel business model.
Overall, Greggs’ strategic initiatives and commitment to value creation have paved the way for impressive financial achievements despite external economic challenges.
