Greggs opened 94 new stores during the period but closed 44 to reach 2,378 outlets | Photo credit: Greggs

Greggs has credited its ‘exceptional value’ for driving strong sales and outlet growth in the first half of 2023 as UK consumers continue to seek affordability and convenience. 
 

The UK food-to-go and coffee chain achieved 21.5% year-on-year sales growth in the 26 weeks ended 1 July 2023 to reach £844m ($1.1bn), with like-for-like sales rising 16%.  

Greggs also reported pre-tax profit climbing 43% to £80m ($103m). 

Revenues were boosted by the continued rollout of evening opening hours across the Greggs estate with transactions post-4pm representing 8% of all sales. Greggs also highlighted the strong performance of its delivery partnership with Just East during the period.

The food-to-go and coffee chain currently offers delivery from approximately 60% of its outlets and is trialing a second delivery platform across 30 stores which is ‘progressing well’.  

The number of transactions made using the Greggs App in the first half of 2023 doubled to 10.6% compared to the same period in 2022, with new web and app-based click & collect scheduled to launch before the end of the year. 

Greggs opened 94 new stores during the period but closed 44 to reach 2,378 outlets. Of the new stores, 33 are franchised, bringing Greggs’ total franchised network to 466 sites. The food-to-go and coffee chain said closures were part of a plan to relocate existing stores to larger sites in locations more suited to facilitate sales growth. 

With store closures expected to ease in the second half of the year, Greggs said it retains a strong pipeline of new sites for the remainder of 2023 and forecasts 100 net new stores before 2024.   
 

New stores in the period included units at Glasgow and Cardiff airports and Shepherds Bush and Canary Wharf underground stations in London. 

Alongside outlet growth in high footfall travel hub sites, Greggs also highlighted more opportunities to open stores in UK supermarkets. 

“Greggs strong performance continued in the first half of 2023 as we deliver on our strategic growth plan. With consumers remaining under pressure, we continue to offer exceptional value, which is reflected in our performance and growing market share. In the period we continued to open further new shops, extended trading hours into the evening and saw increased participation in the Greggs App. Our ambitious plans for growth are on track and our amazing teams are committed to realising the opportunity to become a significantly larger, multi-channel business,” said Roisin Currie, CEO, Greggs. 

Greggs achieved 23% year-on-year sales growth to reach £1.5bn ($1.8bn) in 2022. 

World Coffee Portal research shows that, as of January 2023, Greggs held a 24% share of the total UK branded coffee shop market – second only to Costa Coffee with 27%.