Greggs breaches over $2b sales for 2024
The group reported that its profits after tax went up 7.6%.
Greggs reported that its total group sales of £2.014b ($2.59b) in the 52 weeks ended 28 December 2024, a growth of 11.3% compared to the year before with profits after tax going up 7.6% to £153.4m ($196.97m) for the year.
Greggs attributed the growth to new shop openings and like-for-like sales growth in existing shops, reflecting both volume growth and price increases.
Like-for-like sales went up 5.5%, attributed to longer trading hours and the rollout of delivery services with Uber Eats in Q4 2023. However, the challenging market context resulted in Greggs not achieving its target for like-for-like sales growth.
Meanwhile, the performance of shops managed by franchise partners proved more resilient to market conditions, being primarily focused on roadside locations. Franchise like-for-like ‘system sales’ grew by 7.4% in 2024, reflecting growing consumer use of these locations and trading hours extension to serve later dayparts.
“We have a strong pipeline of new shop openings ahead as we pursue our ambitious growth plans and invest in the supply chain capacity that supports this. Management’s expectations for 2025 are unchanged, and we are confident that Greggs can manage inflationary headwinds and deliver another year of progress in 2025,” Roisin Currie, Chief Executive of Greggs, wrote in her Chief Executive’s report.
