Food-to-go and coffee chain says it expects to create 500 new jobs in the coming months as profits bounce back to pre-pandemic levels
Greggs plans to open 100 new stores as post-pandemic sales rise | Photo credit: Greggs
Greggs plans to open 100 new stores by the end of the year, after reporting strong sales following months of trading restrictions.
With 2,115 locations at the start of July, the chain has ambitious growth plans to open at least 3,000 stores.
The food-to-go and coffee chain reported profits of £55.5m for six months to 3 July, compared with a £65.2m loss for the same period last year.
"Greggs once again showed its resilience in a challenging first half, emerging from the lockdown months in a strong position and rebuilding sales as social restrictions were progressively relaxed," said Greggs CEO Roger Whiteside.
"We continue to make good progress with our strategic priorities, growing the shop estate and investing in our digital capabilities to compete in all channels and parts of our market,” adds Whiteside.
The higher-than-anticipated profits will be welcome news for Greggs, given the sharp loss of revenue throughout Covid-19 lockdowns, as a result of low commuter and office worker footfall.
In March 2021, the chain reported total sales for the 53 weeks ended 2 January fell 30.5% to £811.3m, down on the previous year’s £1.17bn. Like-for-like sales in its company-managed shops were down 36.2% over the period.