Greggs profits have skyrocketed, despite reporting a slow down in sales growth, as market share for the bakery chain reaches an “all-time high”.
The food-to-go retailer reported pre-tax profits surged 27% to £188.3m in the 52 weeks to 30 December, up from £148.3m.
Sales jumped near 20% to £1.81bn, compared to the 23% increase to £1.51bn in 2022, as company-managed shop sales on a like-for-like basis rose 13.7%.
Greggs hailed the success of its evening trade, which rose 8.7% in the second half of the year, as more than 1,200 sites now compete for food-on-the-go-sales until 7pm or later.
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The chain said its market share reached an “all-time high” with an 8.2% share of total food-to-go visits and breakfast visits during the year also increased to 19.6%.
Greggs continued the rapid expansion of its store estate, opening 220 new shops last year, with its portfolio now standing at a total of 2,473.
It noted that the brand “soared to new heights” with further openings including its first London airport location, more roadside locations, retail parks and supermarkets, as well as further expansion of its drive-thru offer.
Greggs chief executive Roisin Currie said: “Reflecting on another year of rapid growth, I am so proud of how our teams have risen to the challenge of serving more customers through more channels.
“Whether in our shops, our manufacturing sites, our distribution network, or in Greggs House, our teams stepped up to make sure that we kept pace with the increased customer demand as we delivered on our strategic growth plan.
“We are very much on track to deliver our bold five-year growth plan to double sales by 2026 and to have significantly more than 3,000 shops in the UK over the longer term.”
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