Greggs has delivered strong sales growth driven by its store expansion programme as CEO Roisin Currie ruled out price cuts.
Like-for-like sales at the bakery retailer rose to £609m, up 17.1% for the first 19 weeks of the year. The business expects to grow profit by about 10% this year despite households feeling the squeeze on finances.
Currie ruled out lowering prices, despite a number of supermarkets cutting the price of wheat and dairy products like bread and milk over the past week, after seeing a drop in supplier costs.
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Currie told The Grocer: “Inflation is one of the key issues that we’re all dealing with given the national living wage rises, as well as energy inflation and commodity inflation.
“But we continue to work hard to try and mitigate wherever possible. So that that’s constantly under review.”
However, she ruled out further price increases, adding that Greggs’ value ratings were currently “the highest ever”.
“The quest for us is to make sure that we hold our prices and that we continue to offer that value proposition for customers,” Currie concluded.
