The high street bakery chain Greggs reported a rise in sales during the Christmas trading period despite the impact of adverse weather and strikes at the end of 2022.
Like-for-like sales grew by 18.2 per cent in the three months to December 31. This lifted total sales for the year for the company to £1.51 billion, an increase of 23 per cent compared with the same period in 2021.
Demand for Greggs’ seasonal lines was high, it said, including its festive bake, a vegan alternative, sweet mince pies and festive hot drinks such as the salted caramel latte.
Plant-based foods were “contributing more significantly” the company said, citing new hot options such as a vegan festive baguette.
Greggs also cautioned that it continued to see material cost inflation but said that it was confident of making good progress in 2023.
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Roisin Currie, the chief executive, said: “We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK.
“While market conditions in 2023 will remain challenging, our value-for- money offer of freshly prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”
The company increased the price of its sausage rolls in October to £1.15 as a result of significant cost inflation and said that it could rise further. They had already risen from £1.05 to £1.10 in August.
Greggs shares fell 24p, or 1 per cent, to £24.18. The shares have fallen 21 per cent over the past year.
