Greggs has revealed its sales jumped by nearly a quarter last year and it is eyeing up big expansion plans, as it said the cost-of-living squeeze has led more consumers to rely on low-cost meals.
The bakery chain reported total sales of £1.5 billion over 2022, a 23% surge on the £1.2 billion reported the previous year.
The group, which currently has a chain of nearly 2,330 shops, said it wants to grow to have more than 3,000 shops across the UK “in time”. Nevertheless, the group’s profit lifted by just 1.9% over the year, after it was hit by steep cost inflation and the withdrawal of the Government’s pandemic support.Cost inflation is expected to remain a challenge this year, reaching levels of 9% to 10%, driven by staff pay pressures and energy costs.
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