Greggs has posted another quarter of strong sales growth, fuelled by new menu items and extended evening opening hours.
The bakery chain said total sales surged 10.6% in the last quarter, with like-for-like sales rising 5%. This growth was underpinned by ongoing “menu development and further progress in extended trading hours and new digital channels”.
With a focus on affordability and convenience, Greggs has been extending its evening trading hours with over 1,200 branches open past 7pm. This move aligns with CEO Roisin Currie’s plan to target evening sales and broaden the menu range.
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In a nod to ongoing economic conditions, the company addressed cost inflation stemming from recent wage increases and fluctuations in food prices.
It expects cost inflation for 2024 to be towards the lower end of the 4% to 5% forecast. Earlier this year, it said it had no plans to raise prices this year.
Greggs remains on track to open between 140 and 160 net new shops in 2024, including around 50 relocations.
The sausage roll maker added that construction of its new frozen product manufacturing and logistics facility in Derby is progressing and it expects to sign the lease in the current quarter.
Despite the fluctuating economy, Greggs remains optimistic, with its full-year guidance unchanged.
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