Record shop openings for Greggs, with strong figures for 2022

Greggs enjoyed a profitable 2022, built around new shops, later opening hours leading to increased trade, and a boost in hot food sales.

Total annual sales hit £1,513 million, up 23% on 2021 (£1,230m), with like-for-like (LFL) sales in company-managed shops up 17.8% year-on-year. Pre-tax profit jumped 1.9% to £148.3m, compared to £145.6m in 2021.

In terms of shop openings, there were a record 186, with 39 closures, growing the estate to 2,238 shops as of 31 December 2022. Retail parks and transport hubs were a key area of expansion, including Leicester Square, Liverpool Street Station and Birmingham and Liverpool airports.

Unsurprisingly, Greggs is expanding, targeting 150 net openings in 2023. This is in line with a further focus on evening trade, with 500 shops now open until 8pm or beyond, and more to come – the strongest-growing day part is post-4pm. Hot food success stories have included chicken goujons and pizza slices, alongside sharing boxes via their delivery service. A new pizza manufacturing line at their Enfield manufacturing site has also been commissioned. Warm versions of core products have been introduced, with Hot Yum Yums and salted caramel dipping sauce enjoying TikTok coverage.

Greggs CEO, Roisin Currie, said: “Despite the challenges, it was a year of strong growth. Our financial performance in 2022 is a result of committed efforts to deliver our strategic growth plan, with the ambition to double sales and have significantly more than 3,000 shops across the UK. In 2023, we plan to refurbish a further 150 shops, relocate 40 to new, larger sites, and open around 150 net new shops. We relocated 25 shops to better sites, allowing us to increase coffee shop seating, as well as expand our food preparation space to help meet the demand of home delivery and clickand-collect services.”

A 24hr drive-thru is also on the