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Greggs reports record annual performance

5th Mar 24 9:34 am

Greggs has reported a record annual performance as the high street bakery announced pre-tax profits of £188.3 million last year, compared to £148.3 million the previous year, like-for-like sales rose 13.7%.

The annual performance was up by 27% in full year profits, but the high street bakery reported slowing sales growth.

The bakery famed for their sausage rolls reported that on an underlying basis, pre-tax profits rose 13.1% to £167.7 million.

In the last three months of 2023 sales growth slowed to 9.4% amid less contribution from price inflation.

The company said they are “confident that Greggs can deliver another year of good progress” as they are to open between 140 and 260 more stores this year.

Greggs added, “Inflationary pressures are reducing and we have improved visibility of costs in the coming year. There is no change to management’s expectations for 2024.”

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